Using Quaternion.Slerp has the interesting side effect of making the missile turn harder the more off-bore it is.
Using Quaternion.RotateTowards on the other hand takes a linear amount of degrees to change it by each frame.
To me often the former (Slerp) feels more natural: larger initial movements to get closer to where you want, then smaller movements as you approach boresight.
RotateTowards tends to produce perfectly circular orbits (assuming the missile is in flight as it corrects to turn), which can seem more contrived.
The important distinction between them is what that third term means. In RotateTowards it is degrees.
But in Slerp it is fraction, as in from 0.0f to 1.0f.
If you feed 1.0f in as the third term to Slerp, the missile will track instantaneously.
If you feed 0.5f in it will get halfway towards its desired angle each frame.
Neither of those is framerate independent.
If you pick a constant (I like to call this “snappiness”) to represent how quickly the missile turns, then you can integrate Time.deltaTime into it easily, while simply adjusting the value of snappiness to make it turn faster or slower.
public float turnSnappiness; // try 2.0 to start with
// then the slerp:
transform.rotation = Quaternion.Slerp(transform.rotation, LookRot, turnSnappiness * Time.deltaTime);
NOTE: this technique can be applied to ALL forms of Lerp or Slerp: Mathf, Vector2, Vector3, Quaternion, Color, etc.