The 1/500 sec shutters are for leaf shutter that are open and close like the aperture blades in the lens. They expose the entire frame at once but 1/500 is about their limit for speed, flash synced or not. View cameras and some MF still use them.
Modern dSLRs use focal plane shutters. In these shutters, there are two curtains that chase each other across the film plane. At faster speeds the two curtains form a slit that races across the sensor but never exposes the entire sensor at the exact same time. That's what limits flash sync. Flash can only be used if the shutter speed is slow enough to allow the entire frame to be exposed at the same time.
Focal plane shutters in film SLRs were usually about 1/60th for 35mm and slower for MF. My Pentax 67 synced at 1/30th which is the speed I use most even today.
These shutters were usually horizontal travel shutters with cloth curtains. About 30 years ago the first vertical travel metal curtained focal plane shutters appeared. This is the modern type. At first they synced at about 1/125 but that speed moved up to where we are today as technology improved.
Long winded explanation. I hope it helps.



