I personally own an M1 MacBook Air (60hz display), an M2 MacBook Pro (120hz), a Dell 4K 60Hz display, a Neo G9 (240Hz), and a new Magic Trackpad. From my experience, I'm pretty sure there's a significant lag while using Magic Trackpad 2/3 on any screens higher than 90hz, also be annoyed by it.
There was a time when most of the screens were 60hz, true. However high refresh rate screens have become more common these days, even Apple itself brought 120Hz to iPad Pro, MacBook Pro, etc. (btw the new MBP onboard trackpad's polling rate is higher than 120Hz, and smooth as hell...)
Apple should really update the Magic Trackpad lineup to match the trend.
The limitation of the polling rate via Bluetooth is 125Hz, and the first-generation Magic Trackpad is 125Hz. I don't know why Apple downgraded to 90Hz in 2/3 gen, maybe for longer battery life. But I totally will sacrifice some battery life to increase the smoothness.
Conclusion: Yes, you will notice the lag using Magic Trackpad on a high refresh rate screen. But the Trackpad is far more useful on a Mac than a mouse, for all the hand gestures you can do. That's why I'm still enduring the pain of lag and using the Trackpad, hoping Apple will update the Magic Trackpad one day.