Other than looking into CM Smart Shadows, these are my current settings, check and see if they differ from yours...
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From a video-observation perspective, could help noticing fast moving shadows setting over the track and surroundings (buildings, grandstands) - this was evident even on the 1st lap shown - check to see if the time-multiplier may be set too high...
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This can also be adjusted ingame with the Sol Weather app...
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Also review your graphics card settings, update drivers, etc...
BTW - how did your tyres ever survive the race 👍