I’m just using the Sparrow model from paragon (Epic’s free asset). It has a total of 55k vertices and as I said I’m only using about 350 for cloth simulation(her cape).
Also as you can see inside the the mesh editor ( and probably already found out), your character is taking about 5 ms cpu time for clothing, probably up to double of that when moving. I think 118 k vertices are the total for your character and not the ones you are simulating. So you are using cloth simulation somewhere else.