the hp reverb i also had, and got rid of, lol it sucked even before it lost support. Its a powerful headset but woof did it barely function.

One of the main issue with the reverb was that double layer of APIs. You could put whatever you wanted in the steam settings but the reverb was going to lower the Resolution to whatever it wanted through its own API.

I dont think thats happening here with my psvr2? I believe what you set in steamvr thats what its trying to go to.

It might be worthwhile uninstalling all the steamvr stuff, nuking all the settings, and whatever associated apps you have and starting from scratch? Im thinking maybe you have some left over stuff? Especially something like OVR settings.

All that said the PSVR2 does have 120fps. A 4080 is poweeful no doubt. but 120fps max resolution? thats a lot of bandwidth. and a GPU being maxed out might be totally appropriate.

Project wingman is very gpu hungry. Try lower your resolution per eye maybe 50-60 %

The PSVR2 uses a lot of resources at 100% Steam resolution. I have to lower in game graphic settings or the steam resolution down from a 100% when using PSVR2 to get comparable performance to my quest 3 over virtual desktop on God Like.
For ref, I have a RTX 4090.