Framerate stuck at 20FPS after update

I normally run at a steady 120fps (capped) regardless of what's happening on screen.



I logged in tonight and the game is stuck at 20 frames.




Things I tried:

Reduced all graphic settings to lowest possible options. No change at all.

I reduced resolution several times moving down a few steps at a time. None of the lower resolutions increased framerate.

I shut down my PC and powered it back up. No change.

I updated my graphics drivers. No change.

I deleted my shader cache. No change.

I uninstalled and reinstalled the game. No change.

I checked if I had updated to the problematic Windows version listed in the known bugs, and I have not.




I'm open to suggestions.

Same problem here.
AMD Ryzen 7 7800X3D 8-Core Processor, Graphics
AMD Radeon RX 7900 XTX

Can run all other current games max settings. Feels bad to pay for early access but the game has turned into sub 10 fps and no reddit fixes help.