I think all max minus ray tracing can't be above the capabilities. The fps would be around 60 then, before it was 40, just the stuttering was the issue.
1440p all maxed out and it's 60+ but with stutters, not characteristic of a struggling system.
I actually went and tested it after I wrote that post, wanted to do a frametime graph as well but couldn't hack the software yet. From what I've seen if you cap the framerate/vsync on, then there's almost no spikes at all on the frametime graph (usually these still happen but it's normal, it's just indicative of game streaming; there are no sever stutters). With an unlocked framerate/no vsync, there were more small spikes but this is also expected, and I didn't really experience "stutters".
What's strange to me is your framerate, I think you should have higher FPS. I have a V64 (& 6800k @ 4ghz) and tested it at 4K (90% scale), all ultra otherwise, HDR & DX12, and with 100 FoV as well. Here's what I had (on Marita):
04-08-2019, 16:05:27 bfv.exe benchmark completed, 13942 frames rendered in 233.625 s
Average framerate : 59.6 FPS
Minimum framerate : 50.3 FPS
Maximum framerate : 76.9 FPS
1% low framerate : 43.3 FPS
0.1% low framerate : 22.3 FPS
Note: Occasional stuttering with Ray Tracing is normal, especially when there are particles on the screen (explosives etc). It's simply very demanding & the implementation doesn't have the refinement it needs yet, due to how new it is. It's also something common with Frostbite games, where messing around with post-processing setting can see huge gains. For example, in SW BF2 I can almost double my framerate by setting PP to low from ultra. There's definitely an issue with the setting, like due to some wild unrestrained ray casting.