Just commenting to let you know I'm also experiencing this problem on a recently upgraded computer
AMD Ryzen 9 3950X CCX OCd to ~4.4 GHz
AMD Sapphire 6900XT (reference card) undervolted and OCd with significant stability testing ~2600MHz
32 GB GSkill 3200 MHz DDR4
1300W PSU
All custom water blocked and watercooled
Recently upgraded the GPU from a 1080 Ti to the 6900XT. The 1080 Ti didn't get the highest framerate in the world, but was always very playable at QHD. WIth my 6900XT, the utilization never goes above 30%, yet my in game FPS is low most of the time (80-100 FPS) and in some areas drops down to 40-50 FPS (particularly tangled shore and some DSC encounters). I can run 3840x2060 (4K) or 1280x720 and the framerate is essentially identical in both cases. Most crucible maps sit around 60-80 fps, and some get terrible frame timing, freezing the game anytime the smallest change happens. I'm a top 1% crucible player, so this is kinda a bummer.
[b]Edit:[/b] Setting "force_enable_multi_threaded_render_submit" = 1 in my CVARS.xml file appears to help. Doesn't totally solve the problem, as I'm hovering around 50% GPU utilization in problem areas (in all my other games, this constantly sits at 95%-100% as it should), which gets an OK framerate. But it comes with the tradeoff of epilepsy-inducing flickering all over the place. Pick your poison... Thanks to @s1laz and @Darkstorm0X53 for insight on this.
dxdiag: https://pastebin.com/XTexYzRp
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One more ... and more ... and more Maybe we must try a Braytech Custom Pc to run fine Destiny... But is it does make sense?