Getting low/minimal FPS on a blank scene (GTX 970)

I’m using a GTX 970 as my GPU.

In a default level (the third person template ) I get ~60 FPS both in the editor and in game. Even in a completely blank scene with EVERYTHING removed, I get 70 FPS max.

I have tried "t.MaxFPS 120"in the console. Does nothing.
I’ve checked for Smooth Framerate in the project settings and it’s disabled. VSync is disabled on my GPU.

Surely something’s not right here? I get that it’s an old GPU but I see others with cards as old as mine reporting 100+ FPS or at least something much better on a blank level. Is there anything I can change or look for to fix this?

That’s pretty good for a 970. If you want more frames, you’ll need to turn Lumen off.