Its no where near as bad as ACC, its perfectly playable. I do have to turn a few settings down to get it to run well on an Odyssey+ and a 3080 but its limited by the CPU more than the GPU as far as I can tell. The optimisation is "bad" in the sense it doesn't look great given its only just managing 90 fps, its not going to look like AMS2 or PC2 or even as good as CSP AC but its tunable to make it run well and you don't need to do anything crazy.
What does annoy me more than anything is the choppy performance in the menus. They do not render at 90 fps quite often and when loading and its a moment of discomfort. But once the racing is going its fine and rarely does it re-project. It works, unlikely ACC which looks awful in VR if it runs. You won't be forced to use 45 fps and ASW all the time in RRRE anyway and the image will be crisp and clean looking.