Sub 90fps? When my gpu exceeds 100% at 90fps it immediately drops to 45fps, until such time as it can manage 90fps again.
When I've jumped between 90fps and 45fps, TBH I've not noticed the difference...
This is ASW (Oculus' Asynchronous Space Warp) kicking in. If your game can't maintain 90fps it drops the game to 45fps and then generates the rest itself (using clever software which attempts to track the motion of things that are moving on screen and produce appropriate in-between frames) in order to give you 90fps. So with ASW on (which is the default at startup) you'll only ever see either 45fps or 90fps. To get a true reading you need to turn ASW off by pressing Ctrl + NumPad 1. You can turn it back on again by pressing Ctrl + NumPad 4.