Well, I decided to try and overclock the cpu today, just to see if it will make any difference at FlatOut Ultimate Carnage at 1024x768 with low preset. Since I have only the stock cooler, I didn't do anything crazy - upped it from 1.8ghz to 2.4ghz just for one race. And no difference at all...so right now it seems like the gpu is the problem.
i7 6700k @ 4.4 GHZ, 2060s, 16 GB RAM, SSD, Windows 10x64.