That's with everything cranked up to the max.
From what I've seen, a GTX970 should be able to do 1440p/60fps with some settings turned down.
As is often the case with PC gaming, some of the most demanding settings often have the highest diminishing returns in terms of actual visible difference, so these settings people have to turn down probably wouldn't even make much of an overall difference.
I know some people have this psychological issue of needing to 'max' a game out, but seriously, some of the options developers give you aren't always worth using. Nvidia posted a very useful guide here(as they do with many of the bigger games) that shows what the settings do and the cost associated with it. In most games, it's almost always the case there's settings provided that hardly provide any sort of visual boost but cost a fair amount to use. As people have mentioned, god rays is a good example here. Turn them down to Low and you'll save big. Shadow quality also doesn't seem to be worth it. I'd stick it on Medium unless you've got performance to spare.