It'd be possible for VR to match 2d games with enough work. You don't really need 2 views, you need 1 view, then to re-project the g-buffer and diffuse results into the other view, then hole fill/re trace/shade specular, which is still much cheaper than 2 native views.
You also don't need hardware VRS, there's a reason it's a bit useless and you covered them well, software VRS running on UE5 is perfectly possible though, and you get a good amount of savings back off foveated rendering.
You also don't need anything faster than 45fps with hole filling, you track player head input, reproject the previous frames results based on head movement, and hole fill. It still ends up much cheaper than bumping to 90.
Anyway, eye tracking is required for foveated rendering to work at all. You'd just glance a bit to the side and the entire image would become hyper blurry otherwise. That being said the PSVR2 doesn't really take advantage of their tech that much. Exponential savings from foveated rendering are possible as you increase FOV, but their FOV is pretty narrow.