Based on Dictator's findings here we have an explanation as to why it's hard for equivalent hardware to match the performance of current consoles at the same resolution.
For example I have a GTX 1080 and i7 6700K (running on Vulkan), something that definitely has enough ground on the Xbox One X to nullify any extra overhead that the PC version has. Yet it's very difficult to achieve a stable 30fps at 4K on this machine, despite using Xbox One X equivalent settings. I think the reason why is because like we thought, some of the more taxing graphical effects on Xbox are probably running at lower than low settings. I suspect some things might be drawn at slightly under native res on Xbox One X as well, which would explain why it achieves a more stable framerate.
The PC version also has really odd visual bugs at times, some of the resolution scaling options cause artifacts, sometimes solved by changing the game to windowed mode and back. Another bug that myself and others are having is the hair and facial hair lighting bugging out. I noticed that maybe it's the hair lighting pass buffer being misaligned, or only applied on part of the image on certain resolutions or settings, because the lighting only bugs out when it's out of a certain "box" on the screen. I'm far from an expert though so this is just a wild guess, I'm not even sure if this
can happen.
So for those of you with rigs similar to mine who wish to hit a similar performance to the X, I recommend using DSR 4K with 0% smoothness, Fullscreen in game with vsync enabled, and a 30fps cap set through RTSS. Vulkan seems to
really benefit from an fps cap, and this way my frametimes are a flat 33.3ms line. Use 0.8x to 0.9x (I use 0.834x atm because it gives me no artifacting or hair glitches) resolution scale in game for a huge performance overhead whilst having almost no discernible difference from native 4K unless seen side by side, with Xbox One X Equivalent settings all being set to the higher option in those cases where Dictator was uncertain. From then on, you can easily crank Tree quality to high, Fur quality to high, turn on Long Shadows,
and you even still might have enough overhead to enable Unlocked Volumetric Raymarch Resolution and Full resolution SSAO. With these settings you have a game that undeniably looks better than the Xbox One X version whilst being basically locked to 30fps at all times even in cutscenes, based on my findings so far. I haven't been to Saint Denis yet, but keep in mind I'm using driver version 431.60 which is probably costing me a few frames compared to most of you here, yet I'm still able to hit these settings without problem. Plus, I'm not too curious about trying the game ready driver since I'm having no crashing issues for the time being and I don't want to risk it. Anyway, I'll try to remember to edit this if I ever start seeing performance issues, but for now I hope this helps one of you!