Refresh rate is the rate at which the entire screen redraws, not really anything to do with colours per se.
60hz = redraw the entire screen 60 times per second.
120hz = redraw the entire screen 120 times per second.
The thing is, the overwhelmingly vast majority of LCD panels that are used for televisions are 60hz panels. Only in the last couple years has it been possible to get a true 120hz panel in a television, despite all manufacturers claiming all sorts of different true motion brand names that claim to be 120, 240 or more. Computer monitors have been at 120hz, 144hz, 240hz and beyond for a while now.
The thing is, there’s a lot more at play than refresh rate when it comes to our perception of what looks ‘fast’ on an LCD panel.
This scene in Shinobi will look vastly different from TV to TV due to pixel response time. Even though the panels are refreshing at 60 times a second, that’s actually quite slow to the human eye, and we can easily differentiate between a fast panel and a slow panel. Some panels pixel response time is equal to it’s refresh rate at 16.6666ms, while others are 1ms.
1000ms / 60 = 16.6666ms per refresh
If the panel is taking the full 16.6666ms to change from one frame to the next, it will look blurry and muddy to the human eye. If the panel is changing really swiftly and updating within 1ms, the image will look nice and solid for the remaining 15.6666ms while it waits for a new frame from the source.
CRTs work differently, but they are also extremely fast. They draw a single line at a time (usually 480 lines per frame), but they spend a vast majority of their time displaying nothing. It’s this huge speed advantage that gives CRTs their superior motion capabilities, even when they have significant “glow” as the phosphors are calming down after being excited each frame.
Now… here’s the huge differentiator for OLED. They are usually running response times of around 0.01ms, one hundred times as fast as the fastest LCDs. That not only puts them way ahead of the curve when it comes to pixel response times, it also puts them way ahead of CRTs too.
The big drawback to OLED panels is that they cannot refresh very fast. They have extremely fast pixel response times, but are typically limited to 60hz refresh rates. That’s why you don’t see OLED panels being used for computer monitors, as that market has moved on to 144hz, 240hz etc.