Wait for UP 3, make an update to 4.101m Patch and finally tweak your conf.ini manually to get perfect/higher gfx settings.
Then apply this Mod and enjoy a better IL-2.
It is not recommended to use ingame settings, better do your own manually.
Mission for Today or SturmoWiki holds Tutorials for Conf.ini, how it works, what can be changed. You may also like to use Hades' Post about GFX settings and Sound settings, I found them usefull.
It could fill pages till you get it worked out, please search a bit. I'm waiting for UP3.