Testing it just a moment ago...
Using DX11 Legacy and a VD of 1, I see a drop from ~44% to ~11% in GPU usage when changing Render Scale from 1 to .05. The same occurred in DX12, but, again, CPU usage is different between the two APIs.
That's entirely possible, and it's my bottleneck while playing solo and using DX11 Legacy mode, but I've got a 10C/20T 6950X and I play at 4K (or near that when multiboxing x5).
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