Console games usually aren't programmed in the same way as pc games. PC games have to deal with different kind of hardware and lots of them fail for too slow or too fast ones (eg faster movement, clipping issues on lags, ...).The easiest way to handle this kind of issues is to enforce a constant framerate. As all consoles (of the same type) have the same hardware, it's easy to optimize the game just for this hardware to archive the best result there.
So in the end, the game just render one frame, generate 16.6 ms audio, calcuate 16.6 ms physics, ..., and continue with the next one.
So in the end, the game just render one frame, generate 16.6 ms audio, calcuate 16.6 ms physics, ..., and continue with the next one.