Another thought would be that the timing chain isn't tensioned due to a bad guide or tensioner.

The cam adjuster only moves one cam changing how "smoothy" it rotates. Cams are notchy as lobes open the valves, sometimes one lobe is opening and one is closing canceling each other out. When the cam to cam timing changes the notchy level changes.

Timing chain noise also requires a certain RPM to get the chain to whip / try to climb the slack side of the gear.