It's difficult to compare without knowing exactly what your patch is.
With the use of Velocity, multiple carrier operators, 4 instruments, several voices on your instrument, the resulting amplitude of one single sine wave can be very low.
So what you seem to hear is the granularity of the DAC.
The pfm2 DAC is 12 bits + 6 bits that are added with the usage of a divider resistor bridge. Bad choice of resistors here can increase this effect.
Check with :
. Velocity 0
. Algo 1 (to have only 1 carrier operator).
. Instrument 1 : 1 voice
. Instrument 2,3,4 : 0 voice.
Is it better ?
This sound also should disappear as soon as you start increasing the modulator indices (IM).
If that's the case, stop focusing on a single sine wave and make real FM !