Regardless of resource pack, vsync settings, and framerate limiter (both in game and driver side), GPU usage is limited significantly, especially when ray tracing is enabled. This results in significantly reduced performance. Regarding ray tracing performance, this is particularly an issue when DLSS is enabled. DLSS off usage rarely peaks above 80% usage, but DLSS on performance nearly never goes above 60%
Strangely, usage seems to drop as render distance is increased, rather than increasing in sync as one might expect.
This is not a CPU/memory bottleneck, I have a Ryzen 7 5800x with 64GB of dram, and the GPU used is an RTX 3090. Performance is identical when using either of my 3090's in my Xeon E5 2667 machine, which uses a vastly weaker CPU and therefore should have much lower performance is there is a CPU bottleneck. I have experienced this issue intermittently in the past using an RTX 3060 12GB, an RTX 3070 ti, and a mobile RTX 3060 6GB as well as two RTX 3090's. I have experienced this bug across three separate desktops, multiple windows reinstalls/versions. GPU driver version does not affect this bug.

Presently, my two RTX 3090s are performing notably worse than my laptop RTX 3060 did back when I still had it, which is a bit silly. Screenshots provided have vsync disabled in settings and the Nvidia driver, and an unlimited framerate in the settings and Nvidia driver.

Current system specs
Machine 1:
Ryzen 7 5800x

64GB DDR4 3200 dram

RTX 3090 Founders Edition

Windows 10 (latest release)

Machine 2:

Xeon E5 2667

64GB DDR3 1333 dram

RTX 3090 Gaming X Trio

Windows 10 (latest release)

Previously used hardware facing the same issue:

Ryzen 7 3700x

16-32GB of dram

RTX 3060 12GB, RTX 3060 6GB (mobile), RTX 3070 ti

(this bug does not seem to be system/hardware specific)

EDIT:

Utilization is able to approach 100% usage even with DLSS and RT on when render distance is significantly reduced.

This issue is present as far back as game version 1.16.220.2

Usage is higher at 4K vs 1440p, however framerate is the same. Images titled "1.20_4K" and "1.20_1440P" demonstrate this