I deleted this thread and moved it to the bug report section, because I found many people have the same problem as me.
You can try turning of the dynamic adjustment option. Its whole job is to reduce visual quality to give more FPS.
Your GPU is OK though your CPU is very average so if your laptop is thermal throttling at all it is going to be pretty bad. So make sure that stays cool.
In general, and in some graphics options, making it lower is telling the computer “my GPU isn’t fast so use the CPU for the work”. That isn’t a good thing in your case. There are videos that go into detail about it that you may want to watch.
Suffice to say, in FS 2020 I set almost all my graphics options to ULTRA on my previous RTX 20 series card because lowering it didn’t help FPS, it just made graphics worse.
Will turning on dynamic adjustment help improve loading of distance? I thought turning it on would cause loading of distance to be further reduced.
Thanks for your reply, I will try it when I get back!