I'm playing this game on an Xbox One X, and it seems like the game is attempting to render it at 4k regardless of TV resolution.
Text scaling is really bizarre, even with the 4k-size text options there's information that still gets obscured or misaligned (Coordinates in zones, PSE Effect warnings, etc).
It would be really nice if there was a "performance" mode where it rendered the game at 1080p with enhanced performance as well, as it seems the game is rendering at 4k even though I'm on a 1080p display and just sampling down to 1080p- I could be wrong, but it does seem like that.