At 11:58am on the 9th November 2017 Frontier announced a patch update to address Xbox One and PS4 performance issues. You can see the notes below, on the official website here, or here on this website.
The Xbox One and PS4 performance and quality Options patch for Xbox One and PS4 will be live from midday (GMT) today. We expect a very short downtime, to only affect Xbox and PS4 players.
Fix for Performance/Quality option not behaving as intended on PS4 Pro
Fix for Performance/Quality option not behaving as intended on Xbox One X