I'm thinking probably the physics. Horizon is supposed to have the same "simulation" as the mainline Forza games. Only now it has to model trees, water, etc.
Multithreaded rendering uses up all available cores no matter if it needs to (gpu is able to show all fps rendered) or not.
Comparison pre and post patch:
There are two possibilities,Nah, it can't be the multithreaded rendering. Multithreaded rendering in DX12 has very low overhead as the workload is spread more or less evenly across all the CPUs. But looking at the screenshots that gradoman posted, his CPU usage doesn't seem very heavy at all.
Nowhere near to being maxed out, unlike DSOgaming's setup.
Comparison pre and post patch: