Until developers utilize it fully and move away from DX11 it's in it's infancy. That just hasn't happened yet, not by a long shot.
The problem with DX12 vs. DX11 is that in many ways, it's like comparing the use of assembly code to the use of C++. It's not quite that bad, but low level vs. high level APIs are not something where there is a clear winner. If you have the resources to put into doing lots of tuning and optimizations, low level APIs come out ahead. But high level APIs are far more programmer friendly and leave much of the optimization work to others -- specifically, GPU driver teams can do a lot of great work.
As I noted elsewhere, it's surprising that not even a major game published by Microsoft is getting DX12 support at launch. That speaks volumes about how much more developer effort is required to make it work well. And I'm not aware of a single game -- not even Ashes of the Singularity -- where DX12 (or Vulkan) makes more than about a 20% improvement in performance (assuming decent optimizations for both DX11 and DX12), and even that's only in specific cases.
Hitman 2, DX12 at 1080p low, performance was only 6% higher (187.3 fps vs 177.3 fps using 2080 Ti and 9900K). At 1080p ultra, it was an 8% difference (143.1 vs 132.7). Ashes of the Singularity, at 1080p low, DX11 with RTX 2080 Ti and i9-9900 gets 117.1 fps, Vulkan gets 135.5 fps, and DX12 gets 132 fps. Bumping to 1080p Extreme (not even the maxed out 'crazy' setting), DX11 gets 108.9, DX12 gets 115.7, and Vulkan gets 113.6. So that's a 16% difference at 1080p low, and only 6% at 1080p extreme.
Based on that, I question how much Flight Simulator can get out of a DX12 patch. Best-case, it might match Ashes of the Singularity and performance with a fast CPU and GPU improving performance by 15-20% at 1080p low. But at 1080p ultra, it seems just as likely to still run into other bottlenecks that end up only yielding a 5% improvement in performance.
Basically, low level APIs are no panacea. They're an option that can help a bit, maybe even a lot (if you consider 50% a lot). But they're just as likely to cause poor performance, particularly with previous generation architectures, and potentially even future architectures. If Flight Simulator gets an awesome DX12 patch, what will that focus on? Nvidia Pascal and Turing, maybe even Ampere. AMD Navi 1x, Vega, and Polaris, maybe even Navi 2x. Older Maxwell and GCN architectures will probably not make the cut, and neither will RDNA 3 or whatever comes after Ampere.