Has anyone else noticed graphical degradation?

Facts:

Windows 11 (25H2 build 26200.7840) PC with Steam

Nvidia RTX 5090 on driver 595.71 (stock clocks)

AMD 9800X3D (stock clocks)

AMD B850 MoBo

32Gb DDR5 RAM @ 6Ghz CL30

PCIe Gen4 NVME 4TB

ARC Raiders running on latest build

I play at ss4K and 120Hz, with V-Sync on the Nvidia App only, on a G-Sync compatible LG C4 OLED, with all the graphics settings at either Epic or Cinematic, DLAA only (at 100%, using the Transformer model), no other DLSS or Frame Gen and Ray Tracing at Dynamic High.

My settings haven't changed in a few months but I've begun to notice a slowing down of items bring drawn in during the game, and an annoying increase in the noticeable 'pop in' of items in the 'distance' as I move around on maps. I say distance as 'distance' because the pop in can sometimes be a surprisingly short one and certainly not where I would expect to see pop in occurring so often and so obviously. My FPS figures haven't changed, with average and 1% lows staying consistent since before I noticed this issue.

I know that my PC is a fairly higher spec one and it wouldn't be fair if I were able to render draw distances that gave me a competitive advantage over others but I don't feel like the current situation has always been there and certainly isn't the level that would be the minimum for a level playing field...?

Just wondering if anyone else has noticed anything or whether I need to do some more digging under the hood...

Thanks!