Avowed has been out on PC and Xbox Series consoles for a week. The game leverages the Unreal Engine 5, heavily utilizing Nanite to render the Living Lands. It also uses Virtual Shadows. These two tend to be VRAM hogs, but Obsidian has found a way around it.
Source: N4G PC Avowed Optimized Settings for Low-end PC: RTX 3060, RTX 3060 Ti & RTX 4060