I'm glad I found this thread. I've been noticing weird microstutters in gaming since I updated to the latest Nvidia driver.
Turning off NVML did help by removing the worst stutters in the blurbuster test, which was going up and down between 110 to 118fps on my 120hz monitor.
But, it seems like even without it, the FPS still drop to 118 as soon as the GPU monitoring is turned on. See the 2 screenshots:
With monitoring enabled
View attachment 10491
Without monitoring enabled
View attachment 10492
Is this the expected behavior? Maybe it was always like that and I just never noticed it...