Detail Quality is the relevant graphics setting.

Davban

Nah, all my friends run 200+ fps rigs but keep everything on low for optimal frame rates.

Machines pulling those kinds of numbers are unlikely to see a frame rate difference when setting the quality settings to High. The quality settings create more work for the GPU. Machines with relatively recent GPUs tend to be CPU limited rather than GPU limited in VALORANT, so you don't lose any performance by turning them up.

These settings do impact performance of older hardware that's GPU bound.