Deleting the shader file will cause the game to compile again with the new forced settings. Sorry but your specs just aren't great. Even if you get past the optimizing screen, the game won't run well for you. You gotta get a better cpu, at least 16gb of ram, and an SSD.
There are two things you can do: Upgrade or replace you current pc (I would buy a better pc tbh, since all you parts are quite old.) Set your graphics settings as low as possible and pray that it will result in playable fps. Or buy a PS5. Ya PS4, but PS5 is BC and etc. Frankly, I'm surprised your PC runs it at all.

Horizon Zero Dawn: Complete Edition’s Recommended Specs. OS: Windows 10; CPU: Intel Core i7–4770K or Ryzen 5 1500X; RAM: 16GB RAM; GPU: Nvidia GeForce GTX 1060 6GB or AMD Radeon RX 580 8GB

Runs very well. Just look at recent reviews sitting at 93%. If the game had performance problems, like at release for example, the review score would be lower. Other than that, there are always some users who download every malware on their rig, tinker and overclock every bit without a clue of what they are doing. RECOMMENDED: CPU: Intel Core i5-2500K or AMD FX 6300: Intel Core i7-4770K or Ryzen 5 1500X: GPU:

The the Op's post makes it seem like omg this is an issue (it isn't for me and hasn't been .. its 100gb ok its 100gb) but the comparison between the ps4 size (50gb with dlc) and 100gb on PC with DLC suggests they just didnt compress assets which should be a treat in small way for PC Gamers. Also why isn't August 7th yet.

AT97. 353 348 199 104 313 337 300 182 340

horizon zero dawn pc recommended specs