NVENC can handle two 4K 60fps streams simultaneously. If you're having issues with dropped frames, we'd need to see a logfile from a recording session where the drops occurred; system performance in the steps leading up to compression can result in dropped frames, through no fault of NVENC; anything from a saturated PCIe bus, to an overworked GPU (for the compositing/color conversion/etc steps), to an overburdened CPU could cause these. NVENC just handles the actual compression of the video it's handed. If it isn't handed that video smoothly by the rest of the system, it can't work magic and make the output video smooth.
The generation of NVENC (Turing in the 1650 Super, as well as 1660 and above) dictates the quality of compression. When using a quality-target encoding method (CQP or CRF) the quality of the video will be the same, better compression will just mean smaller file sizes for the recording. Worse compression from older generation NVENC will use more bitrate adaptively to maintain the video's image quality level, and so have bigger files.