I recommend checking out https://forum.sublimetext.com/t/new-dpi-scaling-makes-my-text-look-like-old-tv-screen-text/37152. In short, we now respect your ClearType tuning preferences. It would appear they are set to heavy aliasing. The linked post includes a link with info about how you can tune your preferences.
These settings do not work together. DirectWrite (dwrite) and GDI are separate font rendering APIs in Windows. In fact, using
dwite_cleartype_natural will get you results almost identical to GDI. However, if you've enabled
gdi, then none of the
dwrite_* options will be used.