FPS drops on PC after recent update

When the game was first released I was getting a steady 60 fps with it rarely dropping into the mid 50s when there was a lot going on. But since last night I have been experiencing major FPS drops, and I haven’t changed any settings since when I had no performance issues. When driving around my game will suddenly lock at 40 fps and the gpu usage will drop to 50% from around 100%. And occasionally there will be extreme drops to 1 fps and 1% gpu usage. I’m convinced this is caused by the new update because I played this game for several hours on the same settings without issue, but only last night and today have I been experiencing problems. Is anyone else having these same issues?

My PC specs for Reference:
CPU: I7 7700HQ, GPU: GTX 1060m 6GB, RAM: 16 GB @ 4000 MHz.

Edit: I ran a benchmark test and the problem seems to be purely the fps lock. My GPU had an average fps of 68 and a minimum of 57 but the framerate was locked at 40 the whole time. My settings say the game is locked at 60 fps but something is keeping it locked at 40.

I have similar (albeit not exactly the same) problems on my end.

My thread: [PC] Sudden performance loss - Community Support - Forza Motorsport Forums