X11 doesn't limit it, but you will want to enable "Force composition pipeline" to prevent screen tearing. nvidia and Wayland work together btw. It's not a match made in heaven but they do work.
Best advice I ever got regarding Windows: delay updates for a few days. Sometimes Windows updates break the device, but if you're part of the crowd that delays for a day or two, they might have fixed the issue by then.
I think it's a fun (hahaha not) part of the hdmi protocol. I have the same monitor combo and the same issue with the monitors. I find that turning one off fixes it (usually Samsung since my Asus monitor completely shuts down for power saving) but I also remember at least one of my distros not having this issue. Unfortunately it's not Ubuntu which I'm on at the moment so I can't help but either Fedora, Debian or Manjaro didn't have the issue.
Fedora is a good option but I think I'll try to stay as close to Ubuntu/debian as I can since that's more familiar. Thanks!