I was developing it on old gtx 1070ti and got around 55-60 fps on 1080p resolution without any problem.
Try to set frame limiter to 60 so your gpu won’t calculate unnecessary frames. Also Epic settings are mainly for cinematic purposes (creating video/screenshots). Game doesn’t push CPU too much so you should be able to play it also on mid/low tier cpu.
There is also performance guide which explains which setting influence the resulting visuals and it’s petformance cost…