VSR, like DSR, renders the game at a higher res, then down scales it to fit your native res. It's pretty much indistinguishable from a higher res though, even though it isn't in actual number of pixels once down scaled.
It doesn't change the refresh rate though, that is always limited by your display's refresh rate. It's also basically only good for older games unless you have a pretty powerful GPU. It takes the same amount of graphics power to run it at the higher res being rendered, even though it's down scaled afterward.
So basically whether you can use virtual 1440p has just as much if not more to do with your GPU's capability, than your display's capabilities, and also how hardware demanding the game being played is.