requirements for VRR and Low Latency mode?

I do not think the information is available yet to be as specific as you may want.

Xbox
Series X: What’s the Deal with Latency?

The team also did work to empower game developers to improve and optimize game engine latency. Thanks to a new mechanism the team added, the system can now know the input state that corresponds to every frame
sent over HDMI. For the first time developers can easily measure and tune their end-to-end latency during game development without the use of a high-speed camera. By decoupling rendering and input pipelines, Xbox Series X also supports 120 FPS, so games have
the option of doubling their frame-rate from 60 FPS, which halves their internal latency.

One of the biggest elements in all of this is the data that flows through your HDMI cable. Microsoft is an active member of the HDMI consortium, and the team worked hard to shape the HDMI 2.1 standard to support
features important for Xbox Series X in a number of areas, including:

• Transmission time to the TV: HDMI 2.1 supports up to 4k at 120 Hz which allowed the team to reduce frame transmission time from 16.6ms to 8.3ms, without sacrificing on resolution. This is an automatic 8.3ms latency improvement on TVs that support
  it and benefits games at all framerates.
• Variable refresh rate (VRR): When games miss their frames, VRR will show the result with the lowest possible latency. 120 Hz TVs that support VRR typically have very large timing windows which makes above 40 FPS performance free of screen tearing.
• In-TV latency: Xbox Series X invokes Automatic Low Latency Mode (ALLM) on capable TVs to automatically enable Game Mode, removing any work previously required of gamers.
• Ultra High Speed HDMI Cable: An Ultra High Speed HDMI cable is included with every Xbox Series X to ensure that players receive the premium gaming experience if they have an HDMI 2.1 compatible display.

Influencing the HDMI standard was one thing, but we also needed to work closely with leading display manufacturers to adopt them in a consistent manner to deliver the best gaming experience. The team knew the
TV ecosystem needed to be ready to support these features in time for the Xbox Series X launch, but they had to answer one question: How do we get TVs to support these key next-gen features years before the first console to support them?

They answered that question by adding those features a generation early with Xbox One X and Xbox One S.This drove adoption of key features such as VRR and ALLM in TVs released in 2019 and later as opposed to
having to wait for these features to start arrive in select displays beginning in 2020 or 2021. So that’s the deal with latency. While it may be difficult to notice the improved latency from any one of these improvements alone, when they all add up, it makes
for a profoundly more responsive experience for players.

my bad, 65NANO95UNA

Well, the LG page of that particular model makes no mention of VRR which would usually indicate it is not a feature:

https://www.lg.com/ca_en/tvs/lg-65nano95una

Edit: I have been looking around and none of the other NANO95 models have VRR either...the have ALLM (Auto low Latency Mode), not VRR

Hello,

VRR is supported via HDMI 2.1. The Xbox One X is the only console that has HDMI 2.1. Xbox One S has HDMI 2.0. This Fall 2020 the new Xbox Series X will also support HDMI 2.1 features like VRR, Auto Low Latency Mode (ALLM) and up to 120fps support.

…LG C2 vs Xbox Series X no signal issues…turn off Auto low-latency mode on the Xbox series x…it’s conflicting with lg c2 Auto low-latency mode…

Just try disabling low latency mode in your Xbox or Game mode in your TV