If it's a mechanical drive than I would say that's the issue. You could try defragging it to see if that helps, but spinning rust usually has issues when it comes to games that do a lot of streaming assets just because of how quickly it needs to pull those files up over and over.
I mean, the gaming laptop that my buddy offloaded gifted to me recently has a wimpy i3 processor, 8GB of RAM and a GTX1050, and that can run FM7 at High settings quite comfortably. So judging by the specs you posted and the problem you're having, I would guess the HDD is where the bottleneck is.