I decided to try MSI Afterburner and played around with it. I didn’t see any improvement and think using MSI Afterburner is pointless. I noticed that while playing Horizon Zero Dawn, the FPS and GPU usage dropped. At first, I didn’t know why, but after many tests, it was clear that MSI Afterburner was causing the problem.
I have uploaded several videos showing how the performance drops. https://youtu.be/AF-Xdlrn2Qg?t=721
If you’ve used MSI Afterburner and notice some games’ FPS dropping to 5 and GPU usage fluctuating from 100% to 0-30%, the only fix is to reinstall Windows and avoid using MSI Afterburner. Since I game on a virtual machine, it’s easy for me to create a new Windows virtual machine. The issue isn’t related to VMware Horizon.