Works perfectly fine for me. Windows 11, fully updated, Intel graphics.

I know that doesn't solve it, but by identifying that it can work it helps you to divide up the problem and reduce the list of possible causes.

Next step I'd suggest is that you try a clean install of Quake - just PAK0 and PAK1, empty config. Let's see if that works and we'll see what to do next.

(FYI - I am of course NOT the author of MarkV (although I did contribute code), I'm just doing this to be helpful.) 

Title says it all. Playing Nehahra and it's very smooth at 120 FPS with vsync on but can I expect physics bugs at this speed? Also, how do I enable borderless window? Thx. 

You will run into some physics bugs. Mark V will not play that well with framerates above 72. However, most things in Quake are tied to the clock instead, so it doesn't look completely borked.