Just to clear up, the term competitive settings is used in term for performance mode, which turns off all of the eye candy, removal of long grass etc to allow you to have better visual distances etc. And to pwn noobs ofc. And greater FPS.
Epic upgraded to UE5 about a year ago which is neither CPU or GPU heavy, it's rather a mixed bag. My example of a 5600x and a 3050 is meh at best because let's be honest, who uses a 3050?
As I said before, I play at 2560x1440 and average 200fps, highs of 250ish and lows of 175ish. I get it, it's not an accurate benchmark but it's something. My friend uses an i9 with a 3060ti (why?!) on an ultra wide, 3840x1600 and gets an average of 15% more FPS than I do.