nwarner Are frames dropped to maintain the speed of the animation (i.e. would it still be 3.33 seconds but at 40 FPS, so 133 Frames?), or is the animation delayed to render all frames?
I assume that you are talking of Timeline FPS (see also this setting) and not Physics Constraint FPS settings.
At runtime, keys are placed at second-based float timepoints, there is no "integer-based" discrete FPS-based playback. When your game's framerate is e.g. 60 FPS, it will e.g. advance the animation time by 1/60 seconds for that frame, applying whatever keys it has just passed for e.g. attachment visibility keys, and interpolating e.g. bone positions accordingly when between two keys. When animation time increment leads to passing two attachment visibility keys in one frame, the last change wins, so you can call that "dropping the first of the two changes", but nothing relevant like events will ever be skipped or dropped, regardless of framerate.
If you are using frame-by-frame (see sequence attachments) animation, it's a bit of a different topic. Then you might perhaps want to keep the animation's image-changing keys at certain fractions (or multiples) of the game's framerate. E.g. when your game runs at 30 FPS and your attachment images change at 24 FPS, it might look a bit less smooth due to the nature of sampling artifacts.