Editing my CVARS.xml (game config) and setting from
"force_enable_multi_threaded_render_submit" value=0
to
"force_enable_multi_threaded_render_submit" value=1
Resolved the poor GPU usage and hence the poor performance/lag/stutter.
However it caused the flickering textures people are talking about below.
Whatever this setting controls is likely related to whatever is causing this bug.
Please fix this bungie!