I would actually argue it does not. Frame generation requires a minimum of 45-60 FPS so with such a requirement it does not take a game from unplayable to playable. Additionally, those frames don’t lead to the same experience as if the GPU had natively rendered the game because it does not account for the user input for those frames. It literally delays the next frame to insert a fake frame in between, leading to an increase in latency, so the only experience improvement is a smoothing of the rendering but it makes the visual quality worse and the latency worse. To me, this does not make sense and has been very wrongly advertised by nvidia with claims such as an 5070 = 4090, so so wrong.

Edit: frame generation is only appeasing the people for whom higher FPS = better, without looking at the real user experience such as frame pacing, latency, visual quality etc.