Draw distance and lod after 1.2.2

Before 1.2.2 patch this game was nearly awesome.
Even on 1070 GTX on Ultra settings I had 45~60 FPS. Draw distance and LOD was great. No CTD at all after more than 15 hrs of gameplay.
With patch 1.2.2 everything has been changed. Now I have 29-45 FPS on Ultra with really bad graphics issues.
Draw distance and LOD was reduced to nearly unplayable state. Awful textures popping.

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same problem I am having with 980ti