I personally set everything on high, water on good and compute on low. Some stuff can be set to Ultra but I hardly see the differences or for me not worth the fps penalty.
Distance etc on 10/10/10. And not using FSR, not needed with this M4 Max. I did on my M2 Max on 4K (80%), but this machine is just crazy fast. It is indeed also the cpu boost, where some of my cores where on 80% which is the point where things can slow down in that core, now that is way lower.
In Raids I am using lower settings, Quazi a high ranked player made a good youtube video about it and that is running fine.
Anyways this M4 Max with a PG27UCDM is just awesome, and great machine for work.