I play everything on "Ultra Settings" but that's because I play on a 55" 4K TV that does hardware upscaling. As a result, 720p looks
identical to 2160p (believe me, I've tested this literally dozens of times) so there's literally no reason whatsoever for me to not use Ultra settings because the biggest impact to GPU performance is always resolution.
I was fortunate in the sense that I didn't know my TV did this before upgrading to my RX 5700 XT in August of 2020. Fortunate because I wouldn't have spent the money on it as I can easily get >=60fps in modern AAA titles with an R9 Fury at 720p. Perhaps not at "Ultra" settings but certainly with "High" and I would have been looking stuck between a rock and a hard place because either I'd be using the R9 Fury until it was literally useless or I'd be paying through the nose for a new video card. With the RX 5700 XT, I'll be able to play games at 720p for probably the next ten years when things like FidelityFX are taken into consideration.