Yes.
1) Vsync will only limit to 60fps if your monitor refresh rate is 60Hz (they are linked)
2) Only vsync can effectively eliminate tearing. Manual limitation might sorta work but it also might not
3) Vsync will cut your fps dramatically if you are for some reason not able to reach your monitor's refresh rate. Every time you dip below it your fps will be cut in half, so for example on 60Hz if you can't hold 60fps it will be cut to 30fps, if you can't reach that it will be cut to 15fps, etc.
4) Manual limitation should really only be used to relieve your graphics card from unnecessary stress (or prevent fps jumping up and down too much). Depending on your PC's timer resolution the manual limitation can also be considerably less accurate than using vsync
Overall, vsync should only be used if you notice tearing and you have a graphics card / CPU combo that can reliably hold your monitor's refresh rate in fps.