Hi everyone,
I've made some investigations into this by myself.
First I switched to bare metal setup and ran Gears 5 internal benchmark which showed solid 84 FPS at Ultra settings no v-sync of course.
Then I try to stream with Moonlight from the bare metal Windows 10 to my another machine and I was surprised to see only 45 FPS... I checked my other games Just Cause 4, Witcher 3 and 3DMark Time Spy benchmark and noticed a significant performance loss when streaming with Moonlight/Steam/RDP this didn't matter. I've noticed that FPS monitor showed GPU usage at around 60-70% when streaming, however when playing locally it was always 90-100%.
I should have mentioned that when I tried Unigine Valley benchmark it wasn't affected that way. OpenGL benchmarks weren't affected either.
So I googled this issue and found many complaints from OBS users on FPS drop when OBS program is opened and even no streaming is ongoing.
I tried many suggested tweaks like disabling all Game mode stuff, however what helped me was disabling WIndows 10 aero effects (I could not believe this at first but tried as a last hope) and it immediately worked. Streaming FPS for Gears 5 became like 80 FPS vs. 84 on local setup. Everything else I tested remotely also was fixed and GPU usage returned to 90-100%.
I didn't investigate which Windows 10 visual effects were causing the issue, rather disabled them all as desribed here:
https://www.windowscentral.com/how-disable-system-visual-effects-boost-performance-windows-10
However I suspect it has something to do with ALT-TAB app previews, may be. I disabled all Game mode stuff as well as advised. But only got an effect when disabled all visual effects.
This wasn't the end of the story though. When I first start my headless VM and ran Gears 5 I happily saw 66 FPS where I previously see barely 30. Other games and benchmarks have improved as well. I put my unRAID into sleep than and start it next morning and couldn't believe it my Gears 5 were capped at 30 FPS and GPU usage was merely 30-40%. Everyhing else weren't affected and ran smoothly.
I've figured out that when you restart the host then Gears 5 performance reverted back to normal. However once you put host into sleep mode and then run Gears 5 it's awfully running at 30-40% of GPU power. And the only way I've found to fix this is to restart the host.
So I've put a lot of hours into googling the same issues and haven't found anything to fix it. Everything else I have installed is running with no issues now and only Gears 5 has this issue. So currently I gave up.