This example only shows extreme bad and bad performance. 30fps on a 3070 in 1920x1080 with one character is broken (5.1). 50fps is still bad for this (stylised like?) map, one character and a 3070. The only thing that’s surprising is that it is equal bad with 5.3 and 5.4/5.5. But overall bad does not help. Depending on the map I get decreased FPS from 100 (5.3) to 70 (5.5), 120 (5.3) to 70 (5.5). 110 (5.3) to 90 (5.5). 60 (5.3) to 50 (5.5). Some maps are a complete desaster and urge for VSMs (and in that case all meshes switched to Nanite) but this only improves it from very bad to still worse.
Overall I’m pretty sure that it’s some shadow issue as VMSs at least improves it a bit (but still does not fix it).