Playing with some math, if you had 4 sub-pixel LEDs updating at 120hz and separated into 8 sections across the entire panel that was each offset in time by some fraction, you could say there were 3,840 updates to the panel across a second. That would be quite the bastardization of the term “refresh rate”, but I could see that being the case.

That’s not really what people have in mind when referring to “refresh rate”.😆