Have been using this nice utility called MSFS2020_AutoFPS.
It runs apart from MSFS 2020 but dynamically changes the LOD settings to try and achieve the requested FPS.
I just run with the default of 40FPS and am getting anywhere between 40 and 50 FPS without any noticeable degradation in the graphics. Really smooths things out.
Has a nice safety cutout - if it detects any anomalies, it shuts itself down, instead of taking MSFS down.
Downloadable from GitHub at https://github.com/ResetXPDR/MSFS2020_AutoFPS
Youtube review here https://www.youtube.com/watch?v=qQYX5inO01Y
Here's my default settings: