Absolutely not, you can definitely use it with any another Texture Quality setting, but you're likely to see the most benefit from it when running High and Ultra quality textures (which are exactly the same visually, since the Ultra level only introduces larger TextureMipBias and TextureMemoryBudget values)!
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I also have some fresh tweaking ideas for all you lovely PC ladies and gentlemen!
1) There is a video on YouTube instructing people to navigate to "...\The Witcher 3 Wild Hunt\bin\x64" and delete the APEX_ClothingGPU_x64.dll file in order to get a sizable framerate gain (i.e. up to 10 FPS) on NVIDIA Kepler GPUs. Apparently this .dll is tied to the NVIDIA GameWorks library and is causing the PhysX calculations for realistic clothing simulation to get dumped on the GPU instead of the CPU, as was originally intended. By deleting this file, the CPU once again handles these calculations and your GPU gains a little headroom, improving your framerate!
However, since the video went online people on NeoGAF have reported the same framerate gains by setting the CPU as the PhysX processor in the NVIDIA Control Panel. Since then, the video author himself started recommending this tweak, rather than deleting the file from the x64 folder. You can find instructions on how to do this in the OP!
2) People with NVIDIA Kepler GPUs have been reporting some moderate but overall framerate gains (i.e. 3-6 FPS) when reverting back to the 347.88 drivers. Might be something we ought to try, since it's so easy to switch between drivers with NVIDIA's clean install option!
Thanks for the info. Do you know if Physx affects AMD video cards? Not sure how to check, if it is,I suppose deleting the DLL file will probably be the best way.