The Nyquist-Shannon sampling theorem isn’t subjective, it’s physics.

Your example isn’t great because it’s about misconceptions about the eye, not about physical limits. The physical limits for transparency are real and absolute, not subjective. The eye can perceive quick flashes of objects that takes less than a thousandth of a second. The reason we rarely go above 120 Hz for monitors (other than cost) is because differences in continous movement barely can be perceived so it’s rarely worth it.

We know where the upper limits for perception are. The difference typically lies in the encoder / decoder or physical setup, not the information a good codec is able to embedd with that bitrate.