You've identified the shortcomings. The solutions that mitigate these are as follows:
- don't mix old and new textures (this avoids the "gel look" where they meet)
- since the parallax textures have an apparent height (which depends on the texture), raise the track vertices by ~0.12
- if you have bulk replaced one texture with a new one, you may need to "tidy up" where there may have been old merged textures that you didn't see to replace.
(This sorts out "hard edges" or sections of track or sleepers that appear to be missing altogether)
If you are concerned about framerates your choices are:
- turn off Ultra shaders
- for a further small gain, replace all PBR textures (more about texture size than anything else)
- for a much larger fps gain, reduce Shadow level, draw distance, and tree/scenery sliders.