WaitForTargetFps using high cpu

Hi, I am new to Unity. I am trying to write a simple benchmarking application.

Right now, all I am doing is rendering a single Quad (2 triangles) to the screen. I have no Update() methods defined right now and have not explicitly set Application.targetFrameRate or QualitySettings.vSyncCount to anything.

What I am experiencing is WaitForTargetFps using up so much of my CPU that it causes my framerates to drop (or so it seems). My app by default is running at ~38fps and using 28ms of CPU and GPU time.

I understand that the WaitForTargetFps is sort of like a wait loop until Vsync is fired, but based on this data I collected below where I set the vSyncCount to various values, something doesn't make sense to me.

 vSyncCount  FPS  CpuTime(main thread)  CpuTime(render thread)   GpuTime
    0         93           10.7ms               0.1ms             10.7ms
    1         38           26.0ms               0.2ms             26.0ms
    2         17           58.7ms               0.2ms             58.7ms

How is it I can't run at 30fps cleanly when I have the vSyncCount set to 2 when I'm able to run at 93fps when I have the vSyncCount turned off? I understand the timing of things can cause problems, and I could understand that as an excuse for not meeting the 60fps target when vSyncCount is set to 1, but I can't explain the 30fps one.

Also, when vSyncCount is set to 0, I still see 95% of my CPU time spen in the WaitForTargetFPS method. What's this about?

Thanks in advance for any help.

EDIT Not sure what I did, but I messed with the targetFrameRate value a bit, and now when I set vSyncCount to 0 (targetFrameRate is commented out) I am getting updwards of 700 fps. This all feels like there is some other workings at play that I don't understand.