For an F1 game, "extra quality" includes smooth gameplay. You need 60 FPS for racing sims. If you are dropping frames, lower the "Post Processing" first, not the textures.
It is important to manage expectations. While file size can be reduced, you cannot have "extra quality" in a highly compressed file. f1 highly compressed pc game extra quality
If you search for "F1 highly compressed PC game extra quality," you will see hundreds of sketchy blogs. Do not click the first link. For an F1 game, "extra quality" includes smooth gameplay