For me it really depends on the individual games.
For example in Planetside 2 I'm playing with shadows off anyway, because in the game's engine they somehow rely on CPU, in an already CPU heavy game game with bad multithreading. In Cities Skylines I'm seeing sub 20 fps in a big city no matter the settings, so might as well keep them maxed out.
For other games it really depends, sometimes shadows or draw distance (both slowly lowering, it doesn't immediately have to go to the minimum)
Depending on how big the visual/performance tradeoff is things like depth of field, ambient occlusion and obviously particle effects. In general particles tend to be heavy hitters and happen exactly in those situations where you want decent performance. Explosions are nice an all, but when something goes off, you're most likely in a spot where framedrops hit extra bad.
For some titles where you can set unit limits, those are always nice for the CPU. Things like NPC and vehicle density in games like Witcher 3 or GTA, or generally open world games with lots of people running around.
I'm quite sensitive to flickering and easily notice when things aren't smooth, so I try to keep AF on 16:1 and at least some form of AA running. I'd rather play with internal resolution sliders to get less 3D pixels to render but keep the interface crisp. Destiny 2 is a good example where even with AA vegetation just just a blurry, flickering mess, so with enough GPU headroom, I would totally run it above native ress for some nice SSAA.
Now for limiting fps, there are benefits of having as high fps as possible, less input latency and that stuff. Even if it goes beyond the refresh rate of your monitor. But I prefer a stable framelimiter over vsync, many engines (especially source engine, but others as well) get noticable input lag with vsync. So far that I notice the difference even without looking at the settings. Tearing doesn't trouble me as much as having the feeling my mouse is dragging through jelly.