Set FPS cap and enable vsync in-game, allow tearing and disabled frame cap on Steam overlay.

I have found this will give you the best input latency and feels fluid to control even at 30fps.

Hair Strands - Off (Preference)
If you turn hair strands on the game will look significantly better but you will need to use upscaling.

Motion Blur - On ( Preference )
Texture Quality - Low ( Prevents traversal stutter )
Texture Filter Quality - High (ANISOx4)
Anti-aliasing - FXAA+TAA
Mesh Quality - Low
Screen Space Reflections - Off ( Cleaner image ) 
Subsurface Scattering - High
Lens Distortion - Off ( Preference )
Depth of Field - On (Preference)
Particle Lighting - On
Volumetric Fog Resolution - Low
Lens Dirt - On
Lens Flare - Standard
Shadow Quality - Normal 
Contact Shadows - On
Ambient Occlusion - Low
VFX Quality - Low

Upscaling Technology - Off (Preference)
When using hair strands I recommend at minimum using FSR 1 at Ultra Quality to smooth some frame dips. FSR 1 has a softer look than FSR 3 but a more stable image with less shimmering.

Frame Generation - Off (Preference)