It looks like the weird scrolling effect is due to the adaptive refresh rate is currently too aggressive in changing back down to 60hz from 120.
I know there are a couple of post on this issue already but I wanted to make sure a mod see this as well.
Here is a screen recording with the refresh rate counter visible to show what is actually causing it.
A simple fix would be too have it locked at 120hz for much longer after lifting finger from screen when the last touch gesture is a swipe action.
It is wobbling due to it aggressively and quickly ramping down from 120 down to 60 then back up to 96 for some reason. When the ideal setting should be slowly go from 120hz down to 96hz then ending at 60hz once the scrolling animation is finally done.
I have a submitted a beta feedback on this issue as well.
I actually suggest just putting the phone at a constant 60hz for now as a temporary fix, it's actually much better than the wierd wobbling effect when scrolling thru apps.
I can agree that I am having the same issue. Seems to cut down to 60 hz almost immediately after initiating a scroll and really makes the whole experience pretty awful.