The location is:

C:\User\[name]\Saved Games\metro exodus\[#####]\user.cfg
Changing Metro Exodus FOV Settings

After locating the file, you can use a text editor such as Notepad to open it.

Press CTRL+F to search for the following line:

• r_base_fov

The default value is 60, but you can change it to whatever works for your monitor setup. Save the file and then start the game to see your difference.

FOV 70 works well for a 2560 x 1440 resolution without creating too much distortion. As shown in the images below, you can see more of the world and your weapon which gives you that greater feeling but it also adds more enjoynment to the game from my experience.

The weapon is holstered in the images, but if it were drawn, you’d be able to better see your watch too. This would be especially useful in areas where you have to check your watch while wearing the gas mask.

But try not to go too overboard with it. The setting only changes the vertical FOV, so the view doesn’t scale properly. I set the value to 90 for the sake of comparison and immediately saw distortion. The gun is stretched out and you can see all the way to the butt of the rifle, which is clipped off at the end. The distortion is significantly worse in narrow areas like tunnels and the train car.

To those who simply hate motion blur effects in games, here is a way you can turn it off.
To do so, search for the following lines and set their values to '0'.

• r_game_mblur_scale
  
• r_blur_level

Changing this will highly reduce the motion blur effect and even gives you a bit of FPS boost. Atleast, that's what happened in my case. Right now, I can play and enjoy the game smoothly without any eye problems or irritations.

Since I cannot edit and/or make videos greatly. Here is one from Youtube.
Quite simple and easy to understand. More information can be found over there.