I suspect AMD's current driver does not play well with older DX9 Bethesda games as Fallout 3 and NV also have issues. I don't think it is unreasonable to expect these games to work out of the box. A friend of mine has an RTX 4090 and Oblivion works out of the box for him on a fresh install, so it seems to be primarily an AMD issue. Current GPU is a 7900XT. If you guys have the same issue please report it using the bug report tool on adrenalin.
Bug #1: Turning on HDR in the launcher settings causes no assets to be loaded in.
Bug #2: There are no shadows in game, and they cannot be turned on because they are grayed out in the in-game settings.