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As others have said, Rubidium and Oculus is the way to go for shaders + performance. Optifine has had its time. There are also numerous other client performance-enhancing mods you can find here and try out. Aside from the aforementioned two mods, I've benefited the most from Entity Culling.
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If you're feeling ambitious, you can also try tuning the Java your game runs on. Minecraft 1.16.5 is compatible with Java 17, and adding the launch arguments --add-opens=java.base/sun.security.util=ALL-UNNAMED --add-opens=java.base/java.util.jar=ALL-UNNAMED should make this applicable to any set of mods.
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