I tried this "force_enable_multi_threaded_render_submit" value=1 and it flickers yes, in the shadows and in all the areas where we get fps drop when we look in that direction.
I also tried all shadow quality settings and the flickering happens in all qualities. That might explain why the fps drops even with all settings to low with lowest resolution and even rendering at 20%
With the "force_enable_multi_threaded_render_submit" value=0, I have almost 120fps in good areas and cant get over ~65fps in the tower, and barely above 55fps in tangled shore.
With the "force_enable_multi_threaded_render_submit" value=1, I get almost 300fps in good areas with almost no flicker, and below 75fps in problematic areas I mentionned that have a lot of flicker with this setting.
Running a 5700XT as well on PCIe4.0, Rizen 9, 64GB 3200 ram, on Gigabyte Aorus Pro A550.
I suspect a lighting and/or shadows related bug, be it in the game and/or in the drivers from ATI. Will try the 20.2.2 drivers now to see the results...
Edit 1: The drivers 20.2.2 gives me a 10fps boost in tangle shore with smoother movements and no perceivable screen tearing, but it still is 10 fps under my 75Hz Vsync sweet spot. Little fps improvement in the tower, except when I look at the Traveler and the glowing Christmas tree, where it stays at the usual 65fps, but still more fluid camera movements. BUT now if I lower my settings I get fps improvements!!
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There's most likely something going on with the lighting. I think I will submit this to Radeon and see if they can figure out why this specific driver works so well with Destiny. Just to make sure it's not on their end. Bungie updated this post saying they found an issue with the lighting so hopefully it gets fixed in the January Patch.