I'm on 4090, 12900k with Varjo Aero. I have found the biggest FPS killers are mirrors and number of visible cars. (surprised he's running it on epic). Personally I run with no mirrors and viewable cars between 11 and 16. With crew cheif spotter and the radar I'm pretty aware whats going on around me.
With that I can run most settings on epic, other than the other know FPS killers in advanced settings, such as materials, which I run on High. Bloom, and fog off, and foliage lod quality to low. Finally car lod to 60%. With that I'm running, using Openxr. The Areo at 39DDP. Game is very clear. I only have FPS dops at the start of the race. On some tracks I do have view distance on High. The game does look inccredible now in VR. But my bank manager is not happy!