On the update, here's what I found for graphics:
All modes detailed.
- Raytracing/Resolution + 120hz: Runs at a little less than Native 4K, stays at 120fps if on Time Trial, with a lot of cars and rain it will hover between 80-90. Raytracing is OFF on the replays, but ON in the garage and showcase features. Great feature this.
- Raytracing/Resolution + 120hz OFF: Runs at Native 4K and 60fps, the same as before, but now has VRR on. This mode has the best IQ and looks amazing on the C1. This is the same GT7 as before but with VRR. Raytracing runs at 30fps, replays and garages.
- Framerate + 120hz: Runs at 1440p, almost locked 120fps in all modes. Time Trial is locked 120fps. Has much more shimmering and small details on the cars are less resolved. Seems like it has more pop-in per Turk1993 above
- Framerate + 120hz OFF: 4K60 and no raytracing. Same as before but with VRR.
I forgot one thing. Reflections when you are playing on cockpit view are running at half-rate since launch. This means that on the Raytracing/Resolution mode, with 120hz turned on you get faster reflections which look much better than the regular 4K60 modes. I've tested it at Tokyo with the Dodge Viper, which shows you a lot of reflections, they look much smoother.