I think it would be good to parce out individual graphics options instead of lumping them together in broad categories like "Effects." Especially in the meantime while waiting for optimization, it would be great to also include "very low" and "very high" options for each setting.
For examples of what I mean, these are some options I would like control over:
-SSAO type and intensity
-Antialiasing type and intensity (with decent options such as msaa, smaa, both, tsa, txa, fxaa)
-Geometry
-Water quality
-Particle effects
-Separate lighting and shadows with more options so theres not such a stark difference between the current low and med options
-Eventually when supersampling gets implemented, the option to disable it
I think optimization should still be a main and current focus for the devs of course but it would be helpful to be allowed more customizability of the graphics