Same situation here, running UE5.0.1 on a Windows 11 (10.0.22000 Build) machine, Ryzen 5 5500X CPU with 32GB DDR4 RAM @ 3200 and a RTX 3080 GPU with 10GB VRAM.
Also no Boosters in NVIDIA Experience enabled, tried to turn off the Antivirus, set Virtual Texturing on, and not even slightly reaching 10GB VRAM on my GPU. Studio Driver DCH 512.59 installed:
at D:\build\++UE5\Sync\Engine\Source\Runtime\D3D12RHI\Private\D3D12RHIPrivate.h:1387
with error DXGI_ERROR_DEVICE_REMOVED with Reason: DXGI_ERROR_DEVICE_HUNG
[2022.04.27-14.24.17:037][800]LogD3D12RHI: Display: D3D12 CreatePlacedResource failed with params:
Heap Type: 1
Heap Flags: 192
Resource Dimension: 1
Resource Width: 2560
Resource Height: 1
HeightFormat: 0
Resource Flags: 0
[2022.04.27-14.24.17:037][800]LogD3D12RHI: Error: hr failed
at D:\build\++UE5\Sync\Engine\Source\Runtime\D3D12RHI\Private\D3D12Resources.cpp:629
with error DXGI_ERROR_DEVICE_REMOVED with Reason: DXGI_ERROR_DEVICE_HUNG
[2022.04.27-14.24.17:037][800]LogD3D12RHI: Error: [GPUBreadCrumb] Copy Queue 0 - No Data
[2022.04.27-14.24.17:050][800]LogD3D12RHI: Error: DRED: No breadcrumb head found.
[2022.04.27-14.24.17:050][800]LogD3D12RHI: Error: DRED: No PageFault data.
[2022.04.27-14.24.17:050][800]LogD3D12RHI: Error: Memory Info from frame ID 4797:
[2022.04.27-14.24.17:050][800]LogD3D12RHI: Error: Budget: 9310.00 MB
[2022.04.27-14.24.17:050][800]LogD3D12RHI: Error: Used: 3124.20 MB