Even with my 3080ti that has 12gb of VRAM, the game looks like absolute garbage. Each update they've posted since converting to UE5 has gotten worse tbh. I'm sure it'll get better over time since switching to basically a new engine is a daunting task. I just think they're putting their priorities in the wrong place at the moment.
They should be focused on bringing the game up to at least the standard they had before the engine switch. Unless they're a big dev studio with teams of people that can work on different sections of the process (modelling, coding, map making, animations, blah blah).
It just seems like they're spreading themselves too thin trying to add content instead of fixing the current state of the game after engine switch. Personally I would much rather have the current content look half decent than new content being added that looks like it's from 2009.
The development team from what I have seen is split up between specialties 1 or 2 for each thing, coder, designer, animator, etc.
I use a 3080 and my game is on max settings, it ranges from 60~180fps on 4k, or well up to 240fps on 1080p or 1440p.
So I'm not sure what's going on with your game, something might be messed up?
I've had this game installed multiple times through different updates the only time I had graphical issues was when UE5 literally first dropped.
Please understand I am not disagreeing with you, just trying to provide the information that I have as an individual player.
I also entirely agree with just about everyone here regarding performance it's really harsh and I wish it wasn't so, I'm sure optimization will come in time.
The UE5 switch being done early from what I can understand is to give them leg room and experience for what's to come. They want to be well versed with UE5, because it has countless advantages over UE4, it just takes some practice and learning. But not only can you get so much more out of it. Once it's been well practiced you can get more performance out of it. The disadvantages are clear and don't need to be explained.
(Edit: They also really wanted a UE5 game, because they know what is coming in the future that will be available for UE5 to them as developers, so they choose to get the switch done early, rather than later).
In my personal opinion, I like and agree with the path the game is taking.
At the very least they are very clear and talk well about their plans and development, you can personally ask them countless things and you will get answer, which gives the Patrons (the ones paying for the game), a very clear understanding of whether they want to pay for it or not.
So all in all, I appreciate the developers and creative players here in this community.