So, I did a lot and I mean A LOT of profiling. I managed to disable SteamVR’s control on framerate (it was in SteamVR’s options!), I used so many different profiling tools & speculations and I have concluded that the bottleneck is the Draw thread.
That being said, the issue is still there.
The CPU profiler is not telling me what is costing what. Instead, the fDrawSceneCommand gets a nice “Self” action costing pretty much all the MS like in the picture above. This does NOT happen if I am not in VR. I will keep up my research and share any result.