Does "fps_max" affect my update rate?

[Hodgie]

I started using fps_max 100 to limit the choke caused when your fps jumps around. I then realized that my monitor runs at 60hz so I set it to fps_max 62 since it was pointless to have the game run at a higher fps if my monitor wouldn't show it. However, I've noticed my update rate on netgraph 3 (at least that's what I think it is) is capping out due to my fps_max limit. The number I'm referring to is in the yellow box.
Am I correct in my understanding of what this number means? If so, then should i raise my fps_max up to match my cl_updaterate 101? It doesn't make sense to me that my fps limit would limit the number of times I send info to the server...
Actually, in writing this I think I figured out the connection... If the game is only running at 60 fps then it wouldn't be able to process 100 "events" per second to send to the server. I'll leave this up anyway so you can tell me if I'm correct or not and recommend whether its better to match the fps of the monitor or boost the number in the yellow box. Oh, and so Turtles can laugh and call me a noob or some other stupid name he came up with at his "job".

Edit: Also, i had fps_max set to 45 when I took this screen shot... de_tides wrecks havoc on my shitty graphics card.