Can someone explain this performance observation?

You might want to start with:

Tip: What counts most is he Final Resolution. This is the number of pixels FS2020 will render for each view:
Comparing Reverb G2 and Valve Index resolution and what does it mean with SteamVR and OpenXR

It won’t explain the CTD, but this should help understanding the “crispness” and “perf” differences you’re observing.

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