G-Sync range is dependent on the monitor and the low end is not zero. It is 40FPS on older G-Sync hardware, possibly 20 on newer ones, been a while since I looked it up, below that threshold it switches to Adaptive V-Sync, ie doubling frames to maintain image smoothness at the expense of high latency.
G-Sync has two main operating modes.
G-Sync + V-Sync will operate G-Sync through its potential range but cap the max FPS to the refresh rate.
G-Sync + V-Sync off will operatate G-Sync through its potential range and then disable past it, you would be seeing your 300FPS again in that case.
I always recommend running a 165hz OC monitor at 144Hz, usually the LCD has better ghosting and other characteristics when it isn't overclocked. So don't run a G-sync profile of 144hz with a 165hz refresh. Set both to 144hz, or 143hz for G-Sync.
You did not list the monitor, so not sure if it is a G-Sync monitor or G-Sync compatible, FreeSync monitors tend to have more limited VRR ranges as mentioned by Roland. If you exceed those ranges, it may not behave correctly.