I’m using the 16" 2021 M1 Pro with 10CPU/16GPU
To be honest, I think there’s something up with the Preview stage of the engine, because I’m getting slightly less FPS compared to the Source version that I was using previously. Something like 10-15 FPS less, but it’s still not that bad.
By disabling Lumen, Generate Mesh Distance Fields, Virtual Shadow Maps, Lowering AA to FXAA and pushing Engine Scalability Settings down a bit, I’m getting around 100+ FPS in the default maps. You can also change the Viewport Resolution to Based on Display Resolution to squeeze out a bit more FPS.
What I would suggest you, if you are getting low FPS even with all those settings listed above is to change the Render Preview to IOS_Shader Model, that tends to boost the FPS significantly, also even though the engine is running natively, I’m still not sure if it is taking advantage of the Metal API, if someone has any information regarding that it would be really appreciated.