Having the same issue here. VR performance degraded completely after the release of 2.5.4.   
Used to get 45 to 90fps with VR preset + terrain and cockpit texture settings turned to high + PD 1.5.   
Now I'm lucky if I can get > 30fps with all settings turned to their lowest.   
Non-VR performance is unaffected.   
Tried every trick I've learnt in the last three years of playing DCS to no avail.    
I'd actually given up on playing in VR entirely until I saw this thread.   
Setup:   
Oculus CV1 
i7 4770K overclocked to 4.6GHz 
16GB RAM 
SSD 
GTX 1080ti