It didn't for me :( I tcf'ed my game, just to see if I could see anything. I can see NPCs and rocks in between all the graphical chaos, but the problem is the ground, grass, and trees texture that's f*ing everything up.
You're not alone :3 I have this same exact problem. I can't even create my own character. Lowering the quality doesn't fix anything, and I'm having a hard time fixing it with the .ini files
My problem seems a lot worse. I can barely see any NPCs because the screen is shrouded with stretched textures of everything. I can't even navigate and create my character :(