as far as I can tell your settings are pretty good. However, 99% of the time you never need to set framelimit to anything other than auto and shouldn't set it to anything else. Dolphin is very good about doing that by itself.
Additionally, not the cause of your problem, but you can leave fullscreen res to auto as well.
One last thing you can try is going into nvidia control panel, going to 3d settings, creating a per program profile for Dolphin, and specifically setting the GPU's performance setting to prefer maximum performance. This is sometimes required because since Dolphin's GPU workload is very low at stock settings, the driver's heuristics are bad at detecting what performance mode we need. This happens a lot in Super Mario Galaxy.
Anyways, this is more than enough to file a bug report if you want to at https://bugs.dolphin-emu.org/projects/emulator/issues
Thanks for nailing down this issue! Making an issue there will give it more exposure to the devs.
Additionally, not the cause of your problem, but you can leave fullscreen res to auto as well.
One last thing you can try is going into nvidia control panel, going to 3d settings, creating a per program profile for Dolphin, and specifically setting the GPU's performance setting to prefer maximum performance. This is sometimes required because since Dolphin's GPU workload is very low at stock settings, the driver's heuristics are bad at detecting what performance mode we need. This happens a lot in Super Mario Galaxy.
Anyways, this is more than enough to file a bug report if you want to at https://bugs.dolphin-emu.org/projects/emulator/issues
Thanks for nailing down this issue! Making an issue there will give it more exposure to the devs.