I play in unlocked VRR mode, so the game has access to the full 48-120hz VRR range. There are drops to the lower 40s, which causes stutter because it's outside of the VRR window, but in general the game runs mostly fine. That being said, GGG needs to ensure it runs a solid 60 on release, because I don't think the game is that graphically or CPU intensive, just poorly optimized right now.
Edit: for context I also play on a 7600X3D / 9070XT system and it generally doesn't go below 70fps, which is a lot better, but not given the massive increase in CPU and GPU performance over PS5.