Low frame rates on new gaming rig

Seeing single digit Frames Per Second (8-12) when spawning at a space station and when travelling at warp. Best FPS seen so far is no more than 32. Setting graphics at any resolution does not appear to actually change anything; the quality looks the same on LOW as on EXTREME or with TA or SMAA selected. It looks good but just very low FPS.
I just bought a new desktop gaming Rig:

Processor AMD Ryzen 7 7800X3D 8-Core Processor 4.20 GHz
Installed RAM 32.0 GB (31.1 GB usable)
Device ID A3297147-B32C-417C-8B3E-402ACADBA408
Product ID 00355-61753-93176-AAOEM
System type 64-bit operating system, x64-based processor
Pen and touch No pen or touch input is available for this display
NVIDIA GeForce RTX 4070 SUPER
Driver Version: 32.0.15.6081

Edition Windows 11 Pro
Version 24H2
Installed on ‎8/‎11/‎2024
OS build 26100.1457
Experience Windows Feature Experience Pack 1000.26100.11.0

Just discovered that the game is not using my GPU at all by opening TASK MANAGER and looking at GPU performance. It says 0% utilization. Tested this by running Homeworld 3 and it showed 33% utlization in that games menu system.

Log file shows that the game sees the RTX 4070 GPU but then shows this:

[ 24.622 s, 52 / 22458] Creating D3D11 device for adapter ‘AMD Radeon™ Graphics’ with ID 0x164e.
[ 24.656 s, 80 / 22428] Created new D3D11 device with feature level ‘D3D_FEATURE_LEVEL_11_1’!
[ 24.657 s, 81 / 22427] Initializing D3D11 renderer…
[ 24.657 s, 81 / 22427] DX11 feature level: DX11
[ 24.657 s, 81 / 22427] Number of texture interpolators: 28
[ 24.659 s, 82 / 22426] DirectX 11 renderer created!
[ 24.659 s, 82 / 22426] Adapter: AMD Radeon™ Graphics
[ 24.659 s, 82 / 22426] Shader Model: 5.0
[ 24.659 s, 82 / 22426] VRAM: 497 MB dedicated, 0 MB system, 16314 MB shared
[ 24.659 s, 82 / 22426] D3D Error Code: DXGI_ERROR_INVALID_CALL
[ 24.659 s, 82 / 22426] D3D Error Message: The application made a call that is invalid. Either the parameters of the call or the state of some object was incorrect.
[ 24.659 s, 82 / 22426] Enable the D3D debug layer in order to see details via debug messages.