I also use a 4080 paired with a 14900k and i can safely say that if you have 30-40fps, something is off. I consistently get 60-80fps with cable connection (160% resoloution set in the meta software) and capped 120 fps when using VD. Make sure youre not hoarding thousands of .var's in your vam folder - no performance tweak will help you if you do.
In my opinion, VD is the superior pick - gameplay smoothness with capped frames and the AV1 codec option (Q3 only) makes the experience SO much better. On the other hand, cable connection can have crystal clear visuals with that upscaled resoloution and some other meta software scalers that were added last year. I guess its a preference thing - I'll stick with capped performance though because I only play very interactive scenes.