Worth noting that common tweaks such as FFXVIfix or changing the DLSS dll to a newer one or modifying the process priority(niceness on linux) doesn't seem to do anything.

Now onto my speculation since this is not exclusive to this game. This is the exact same behavior exhibited by Dragon's Dogma 2 on launch, low GPU/CPU utilization with settings having little to no effect, across different games, across different hardware and even OS(as this also seems to be the case on Windows on this laptop too). The only common factor is that both games utilize Denuvo Anti-tamper, and my only guess is that both games do not utilize hardware properly because the processes are waiting on something, probably decrypting/reencrypting blocks of instructions or phoning home or whatever. But again this is purely speculation on my end, do not take it as fact.