I'm on a 3080 and it ran fine for me. Did you turn off ray-traced direct/indirect lighting? Those really require a 40 series, even at low quality levels. Is your native resolution 4K? At 4K I needed to turn on DLSS, but I was also able to set most of the quality knobs (other than RT) to medium or high, not low. I wonder if maybe you're running into some sort of driver problem.
I turned everything to the lowest available setting, except textures, which I kept on high. I checked and that setting doesn't seem to make any difference on my card.
Native resolution is 1440p.
Most of the time it hovers around 60-ish, but it dips into the 40's occasionally and is overall inconsistent. To me, at 1440p, that's not acceptable.
Drivers are the latest Nvidia offers, but I didn't scrape the old ones out with DDU - hopefully that's not necessary.