If your GPU is HDMI 2.1 and your monitor is DisplayPort 1.4a, the cable or adapter could definitely be the issue. HDMI-to-DisplayPort connections are not always simple passive cables; most require an active adapter, and many cheap ones can’t handle high bandwidth like 1440p at 240 Hz. Flickering is a common symptom of that limitation.
First, check if your monitor has a native DisplayPort input and use a proper DisplayPort cable directly from the GPU if possible. If you must convert HDMI to DP, make sure you’re using a high-quality active adapter rated for high refresh rates. Also try another cable, update GPU drivers, and disable adaptive sync temporarily to see if the flicker stops.