@dagrommit not sure if this solves the issue permanently. I read in the comment section of a video mentioning the same issue that someone changed "use directx1" to "Yes" under the video setting to solve the issue. I did the same keeping the same Nvidia driver. I played for 3 hours without any hiccups.

@adrian-11 Thanks for providing a solution. I did verify the files and they were fine. Tried turning off the shader cache from the Nvidia control panel, the game load time increased a bit but the glitches said "hi" after an hour into the game. It's unplayable now. I ll have to wait for that damn major update since devs are not responding to this issue according to most of the threads about similar issues. Thanks again for sparing some time to help me out.

@tk105 thanks for replying. I tried deleting the shaderCache but the issue keeps happening. I guess this won't be resolved till that end of the year major update everybody keeps talking about. Thanks again for helping me out.

I am facing a lot of these graphical issues like the pic attached. Somedays I encounter them after an hour of playing and sometimes it appears within 5-10min. I am not sure the issue seems similar to this https://discussions.ubisoft.com/topic/99828/game-breaking-graphical-issues/18?lang=en-US. 
In the forum, some say to revert the update but I cannot do that since the issue seems to be only with Division 2, not any other games installed currently on my system. 

Please provide some information on how to fix it or if the devs are working on any fix.

My current system specs are:
processor - AMD Ryzen 7 4800H with Radeon Graphics 2.90 GHz
RAM - 16.0 GB DDR4
OS - Windows 10 Home Single Language 21H1
Graphics card - Nvidia GeForce 2060 RTX
NVidia driver ver. - 472.12
Division 2 patch ver. - 1.12