Your GPU is probably being bottle necked by that CPU.
As OfficialJJTech said, you MAY get more fps, but you may also get less. Reducing settings puts more of a load on your CPU, which isn't very good. Max settings sort of shares the load between the CPU and GPU.
My i5 6600k and 1060 3gb give me 400 fps on max settings, but only 200 on low.