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That leads me to believe it's a problem outside of the game. Can you run other games at normal FPS? If so, then we'll reevaluate.

However, I do want you to run a virus scan if possible.
The last thing I would try before just lowering all the settings is to try the steam version again but run a verification of the game files. You can do this by following these steps:

> Open steam: Library
> Go to Toribash and right click: Hit properties
> Under "Local Files" click the bottom option "Verify integrity of game files"

It may take a while so please be patient.
Have you restarted the machine meanwhile?

It could've been a thing with the newest update, but as you mentioned older versions don't work either it seems like an issue on your end.

Did you install any other software lately, which can be possibly sketchy.
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