I'm using 5800X / RTX3070 / 32GB ram
Disable the Fur, than if it does nothing
try to update every single driver (try google "ninite" if you don't have a clue, but I can't endorse that).
also a good system optimizer can do the job, I'm good with Iobit (not free)
If it doesn't work choose: either trash the cpu or the game -retorical-
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I just tried the newest version... same problem here
Try disable the volumetrics and the virtual shadowing and lower everything you have on Epic to High, that should give you something.
Yet the new graphics are garbage on any setting, for me at least