This is kind of a non-starter as a question. The ‘best’ settings are going to vary wildly depending on a bunch of different factors like: what’s your target platform? What’s your target minimum system spec? How dense are you planning to build your world (i.e. are you making an open world with big cities, or smaller villages, or just occasional buildings, do you have super dense forests, or more of a desert/savannah/grasslands, or a mixture of both)? How much water is in your world? How large is ‘large’ (100 square km? 1000? 10000?)
I could go on.
There is no ‘silver bullet’ of best settings for an open world game.