I am playing on a mix of Ultra/high settings at 1440p and my setup is:
AMD RX 6700XTRyzen 5 360016GB DDR4 RAM 2133Mhz
I recorded a short video of the problem:
As you can see, cities and villages are especially bad with only around 35% GPU utilization and framerate drops in the 40s. Outside of cities, GPU utilization also doesn't exceed 50-60% the majority of the time.
Here is a video from someone with the same PC setup as me, but his GPU is at a near constant 90% utilization with a much higher average framerate:
My drivers are up to date and I already verified the game files in the Ubisoft Connect launcher.