When I turn OFF ASW it caps to 45fps both in Oculus Debug Tool 1.13 plus the monitor's frame rate CTRL+F.
It will only ever drift between 45 to 90 whilst in System Map. Not in GalMap and not even on VR Low Setting.
My install of Oculus is from pre-SSE4.2 (Runtime1.7) but updated to 1.14 so all I can say is ED likes Hyperthreading although many games do not require this. Oculus push for this however but a steady 45fps is totally acceptable. If only it was steady in RES & Stations here.
I have the opposite experience when ASW is off its off and FPS drifts anywhere between 0 and 90