FPS issues with Reflex/Frame Gen

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Having a weird issue where having the full combination of PT + Frame Gen + Reflex + Ray Reconstruction seems to be artificially limiting the frame rate well below the refresh rate of the monitor. Using a 4090 with a 9800X3D on a 120hz 4k VRR screen. Per best practice, Vsync is forced on in NVCP, allowing reflex to cap the framerate of the game itself for optimal frame pacing with frame gen.

When playing the game, the game will launch at ~115 fps or thereabouts, which is what reflex would cap the framerate at for frame gen in this setup and gameplay is smooth. However, over time, the framerate drifts downward before settling at 90ish fps and staying there. GPU utilization will drift from around 90% down to 70%, and the power draw of the card also drops significantly. No evidence of a GPU or CPU bottleneck in performance metrics. Oddly, making a display change like toggling back and forth between fullscreen and borderless, or turning ray reconstruction on and off, will make the issue go away for a few minutes, before the FPS drifts back down to 90 gradually.

I experimented with this a bit and am pretty certain this is the fault of Reflex capping the game's framerate arbitrarily low for some reason. Disabling Vsync at the driver level (preventing reflex from implementing a frame rate limit) brings GPU utilization all the way back up and framerates improve dramatically. If a framerate limit is set in game or in NVCP, the game will run at the full refresh rate, but has frame pacing issues because reflex/gsync/frame gen settings aren't ideal with vsync off. If i turn off frame rate limits and gsync entirely, the game will fully utilize the GPU and the framerate will run well above the refresh rate, but with tearing issues.

Does anyone have any idea what this could be? Not having similar issues with any other games with this feature set.
 
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