I guess you are struck by the end of the Kepler architecture support by Nvidia, same for me - but I have found a setting that allows to reduce this annoying transparent black bars at the screen border to an acceptable minimum:
Using "AMD FSR 1.0: Ultra Quality" in the video settings reduces this to just a thin line on the right side. And, actually, graphics quality is pretty good

with this setting. And I still get 30-40 FPS, allowing for some other nice graphics settings as God rays or Bloom.
One hint: switching the "AMD FSR 1.0" always reduced the frame rate at first (even switching to "Performance" setting), so I have had to restart the game completely, then it was working pretty fine.
Hope that suggestion helps a bit - for me it helped to play around with the graphic settings to optimize between FPS and atmosphere ...