Can anyone get the auto fps feature working?

I have this feature (it is supposed to adjust the graphic settings dynamically) turned on (in the settings/vr/vr graphics setting page) and set to 45 fps. But when I fly it doesn’t do anything and the fps counter shows between 25 and 35 fps??? Has anybody gotten this to work in VR? Help!

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It worked a couple of times but once it clearly didn’t, as it was going way over 45fps.

I also wonder how it works: does it take your settings as a baseline and then dynamically drop them to hit the set fps when needed, and then increase them back to baseline when it can? Or does it just do whatever it wants and ignores your settings?

Mine works fine but its very agressive. I believe it just lowers your TLOD until it hits your target.