Unplayable performance on PC, underutilized CPU and GPU

Try disabling any graphical overlay (nVidia Overlay, Steam Overlay, any other third-party overlay) and see if this helps. Beyond that, I would run some other benchmark applications on both machines to see if you can narrow down the problem further if the above doesn't work.

Change your screen resolution to the 4k one (even if it shouldn't be) and put your FPS at 120 but @ 1/2 and for me it fixed mine way better.

One possible explanation about why a CPU better than another one performs worse is related to thermal paste (or pads). If it is an option, try to replace the paste or pads. Notice the fact that I shoot in the dark here. It might be something else (even the power supply or MB problem) but replacing the thermal paste can't hurt and offers 50% chances to fix the issue. The thermal paste (pads) have the capacity to transfer the temperature to heat sink as fast as possible before the thermal throttling kick in. When thermal throttling happens the CPU reduce the power in order to prevent physical damage and even the sensor fails to report the sudden temperature spike. Temperature sensors and monitoring  (similar to "The average CPU temperature is 70°C") will only mislead, as it is unable to report the temperature spikes.

Appreciate the idea, but the PC does not have issues with overheating or performance in any other title, even ones with worse optimization than Veilguard. I also tried limiting CPU max usage to avoid throttling, in case that was the problem, since before the last patch CPU was at max temperature for many users, and it made no difference.

It's an incompatibility with the game. Spiderman used to run at 10 fps at min settings before it was patched more than a year later, after which it ran perfectly at 60 fps on high.

I have no overlays active.

I did said "shooting in the dark". Try using HWinfo64 and activate different sensors. It might provide new information with a 5 min graphic log.

Edit

Tried deleting shader cache

Which cache you delete? Nvidia, system or game caches?

Deleted all of them.

Any luck with HWiNFO64, found anything related to your problems?

Your CPU and GPU are below minimum system specifications even for the lowest graphics settings.

You can find the minimum system requirements at the link below:

Dragon Age™: The Veilguard - PC System Requirements

The minimum specification for an Intel CPU is an i5-8400, which is a desktop 8th generation core processor with 6 cores. Your system is running a mobile 7th generation processor with only 4 cores. The minimum Nvidia GPU is a desktop GTX 970. Your GPU is a mobile GTX 1060 which is less performant than a desktop GTX 970.

The Intel processor in another system you mentioned that is capable of running this game was an i5-6500. This is a desktop processor. You cannot directly compare the performance of most metrics regarding desktop and mobile processors. Also, since the system you are referencing is likely a desktop system, your colleague is likely using a desktop GTX 1060, which has a 15-20% performance advantage over the mobile variant of the GTX 1060. The desktop GTX 1060 exceeds the minimum Nvidia GPU requirements for Veilguard for the lowest graphics settings.

Without meeting minimum system specifications, your situation is impossible to troubleshoot correctly.

It is unlikely with the current system configuration you are using that you will be able to achieve a level of performance that is considered playable.

This info is not correct. You can find benchmark videos with the same CPU or GPU playing at close to 60 fps, which is double what I'm getting.

The GPU is far from full utilization, and even very aggressive upscaling makes no difference in performance. That's not the issue.