After testing the DEV version (might be in standard as well) i noticed the PiP now looks better than ever (kudos). However it eats a lot of performance. For me personally i go from 50 to 30 FPS alone on Altis with it on. Previous versions i lost almost no FPS at all although the mirrors/monitors ran lower FPS to save real game FPS.
My suggestion is to have the low to standard settings with a bit of lag (lower FPS) in the PiP as it was before, and the high to ultra settings with super smooth FPS in mirrors/monitors as it is now in DEV for those that can handle it.
I think this will benefit everyone.