I wish the developers had stuck with OpenGL, it traditionally runs the Il-2 engine (on which this franchise is based) much, much faster than Direct3D.
Very old Nvidia drivers (pre-170 series or even earlier) may help; I just don't feel like doing the driver dance to see which one works!
This could explain the terrible performance. IIRC this game uses a modified IL-2 engine, and Direct3D was always significantly slower than OpenGL in Il-2.