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To compliment what @Undone posted, I believe any shadows you render are usually expensive. One thing I might also suggest is to see what it looks like to lower/disable any other non-critical aspects to get your quality up. I run the following and I feel like it's the right balance of quality and performance (differences in bold):
Resolution: 3840 x 2160 (4K) @ 120Hz (taxing, never shoulda done it, 1080p just isn't an option now)
Anti-Aliasing: SMAA (taxing, but it looks good. FXAA is far too blurry)
Vegetation Density: Low (render fewer objects...and shadows, if it doesn't ruin immersion).
Cloud Quality: Low (...in the grand scheme, I'm hardly looking)
Frame Rate Limiter: V-Sync (capping at 30 is playable, but I'll pay the resource tax and GPU fan speed/sound for the higher FPS)
Disclaimer: At those settings my RTX3080 (desktop) hovers in the 90% utilization range, but the FPS is in a playable state. I need to poll more statistics around the impact of these setting in locations where they apply to determine the impact on FPS. The settings above are what I found to be "playable", with no hard data to back it up, so take them with a grain of salt.
I've got a 3080TI - This works best for me: FPS 60, 1080P, setting the shadow distance slider to zero, grass shadows to off. This seems to be the sweet spot for me. None of the other settings seem to matter much.
Note: with this being said, I did notice an improvement in FPS with the recent shadow resolution changes and look forward to further optimizations