Again, there doesn't seem to be much you can do about this, and unlike in the original game where setting the bSmoothFrameRate entry to FALSE in the BIOEngine.cfg file would unlock framerates, here it doesn't seem to have any effect.
So it doesn't matter if you're hitting 240fps elsewhere, the moment you start a cutscene (of which there are many), you're performance will drop. It's worth noting that the cutscenes in Mass Effect are locked at 60fps. Not that it matters too much, as this isn't a competitive FPS that really benefits from such high framerates anyway. We bumped up against this cap on the mid-range and high-end builds all too easily, and despite rummaging around the config files, couldn't seem to push this harder.
The new interface offers a handful of effect toggles alongside a Framerate Cap, which maxes out 240fps.