Extremely poor performance

I don't know if it's just supposed to be like that because the game is horrendously optimized. But I am sitting at like ~40 fps depending on where I am located in the game. Basically everything is on the lowest setting, resolution is lowered to 1600x900.

My specs are: Intel(R) Core(TM) i7-8700 CPU @ 3.20GHz NVIDIA GeForce GTX 1080 16gb DDR4 RAM 2667MHz

And sure my computer is becoming a bit on the older side, but no other game I usually play has ever had an issue close to Rust. Any settings I am missing or is the combination of poor game design and old computer just not working?