GPU Usage at 99-100 %

CPU running about 30%, GPU 100%.

Even Flightsim 2020 doesn't return this kind of behaviour.
FS2020 runs on just a single processor core, which is why you see just 30% CPU load. It doesn't use your CPU efficiently and for that reason is also not using the GPU in an optimal way. If you look at reviews of FS2020 you'll see that beyond a certain level of GPU the frame rate stays constant even when the GPU has much more inherent performance than cards below its level.

This is one of the complaints that I read about regarding FS2020: that it doesn't use the capabilities of the modern day multi-core CPUs and thus is hamstringing itself.
 
3070 here. I have to reduce res. from 1440, GPU is at 100% w/ 100% fans and motherboard southbridge overheating.
 
EDIT: Forgot to point out that my current assumption from what I'm seeing is that Odyssey isn't properly optimised as I seriously can't see anything in-game that requires anything like 8GB VRAM to render.

I think we can definitely conclude that Odyssey isn't properly optimized from all we have seen up till now. But regarding VRAM usage: The VRAM on a GPU has a much higher bandwidth than the PCI-E connection between your host system and the GPU. The modern GPU (NVIDIA 2xxx to NVIDIA 3xxx) has a bandwidth on VRAM between 336 GB/s (RTX 2060) and 936 GB/s (RTX 3090) . Compared to PCI-E 3.0 (effective bandwidth from my own work of about 13 GB/s) and PCI-E 4.0 (about 29-30 GB/s measured on my RTX 3090) this is orders faster. So most game developers now use the VRAM on the GPU to cache as much assets as they can because copying them in via the PCI-E bus is so much slower. And I'm leaving out the transfer from storage device to host RAM which is usually even slower than PCI-E bandwidth, especially if you come from a SATA HDD (roughly maxing out at 100 MB/s) or SATA SSD (maxing out at about 530 MB/s for a decent one). Even M2 NVME SSD's max out at about 7 GB/s for the really fast ones (PCI-E 4.0)

So using all available VRAM is not that bad a thing in itself.
 
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