Does Dynamic culling even work?

I have all the settings on as low as they can be, I have dynamic resolution & dynamic culling enabled. I have set dynamic culling to a target of 30fps because I feel like that is something it should manage.

I am running the game on a Nvidia GTX 1060 W/ 3.0Gb VRAM and an i5 7600. Not impressive but it is robust. I've been able to play games like Remnant 2 and Helldivers 2 on this so I am hardpressed to believe this is a hardware issue.

During maps however, I am constantly experiencing that dynamic culling simply isn't doing anything at all.

Example A:

On screens such as these, the game will drop to single-digit FPS, (2-3) and simply stay that way, and it will play out like this until I die, without dynamic culling ever kicking in to downscale anything at all.

Also let's address the immediate elephant in the room. For some reason I do no know, the game always says my VRAM is "Critical", even with the settings as low as the game allows me, and everything dynamic enabled.

Example B:

Despite having dynamic culling set to target 30 fps, On this screen I am persistently at only 14-16fps. There are quite a few visual effects present here.
If the VRAM is as critical as the game is saying, Shouldn't that cue the dynamic culling to start running?

Example C:

This is with dynamic resolution set to the smallest possible value, in the hideout. My immediate impression here is that, Nothing is currently happening in the game, there are very few visual effects of any kind going on in the background. However the game still says my VRAM is critical.

I have seen dynamic culling in poe1 because I use it there all the time, so I am confident I have a fairly good idea about expected behavior. None of that behavior is seen here. Example A & B are both cases in which Dynamic culling should activate, because the game is running at way below the target 30 fps.

It isn't outside possibility that there is a bad combination of settings causing this.
However, I simply do not believe Dynamic culling is working properly.