I play on ultra and even with that it seems like there are quite a bit of noise and flickering. Which is caused by the Screen space reflections setting. Below you can see the different setting except medium: (All images simply show a close up of a vent and a common weapon.)
If you look just above the scope on the concrete near the vent and on the weapon, you can see a bit of noise appearing as you lower the setting. Ultra have the least, but still you can see it. On low to high, its really bad as that noise is constantly flickering. And with it turned off you get none at all. So if you can't play on Psycho I would probably set it to off. I might even do it myself, because I think I notice the noise more than the effect to be honest.
So if that is a problem you might want to try it out.
If you look just above the scope on the concrete near the vent and on the weapon, you can see a bit of noise appearing as you lower the setting. Ultra have the least, but still you can see it. On low to high, its really bad as that noise is constantly flickering. And with it turned off you get none at all. So if you can't play on Psycho I would probably set it to off. I might even do it myself, because I think I notice the noise more than the effect to be honest.
So if that is a problem you might want to try it out.