Game underperforms for no apparent reason

Hello! I have a bit of a… well pet peeve really, WoW is running at a bit over 100 FPS at basically all times when none of my hardware is anywhere close to being at maximum capacity.

My in-game settings are maxed out with the exception of shadows and water, which are on high and fair respectively, ray tracing is also off and I’m running in 1080p (I have a 144hz monitor so I’d like to reach that), framerate uncapped.

I have an i7-8700k and an RTX 2080, and both are sitting at most at 65% utilization and fairly cool temps while playing, yet the FPS almost never raises above 115-125. I’ve used HWMonitor and no limits are hit by either my GPU or CPU, the game simply refuses to use more of them. I’ve tried factory clocks, overclocking, increasing voltage limit on my GPU, changing GPU drivers, switching between DX11 and DX12 (DX12 makes it so I barely hit 80 so I just stuck with DX11), absolutely nothing raises the utilization (or the FPS). I have a 750W power supply so that seems plenty for what I have in here.

Funny thing is even if I max out all the settings, the FPS actually stays the same (except ray tracing, that does lower it a bit). Since my PC is fairly beefy, I don’t really want to have to lower my settings as this should be good enough to reach 144FPS in the world/areas that aren’t crowded, although maybe I’m wrong. Does anyone have a solution or a reason for this?