Fidelity: most likely a native 2160p (4K) resolution or very close to it, I would expect no less than 1800p. 30 FPS.
Fidelity with Ray Tracing: most likely around 1440p with the same graphical settings as the normal Fidelity mode, but with RT implemented as well. 30 FPS.
Performance: most likely in the 1440p-1800p range with lower graphical settings and no RT. 60 FPS. Balanced: most likely between 1440p-2160p, high graphical settings, no RT. 40 FPS. Basically a lower resolution Fidelity mode (nr. 1) to run at 40 FPS. Only available on 120hz screens.
HFR Performance: High Frame Rate mode, most likely between 1080p-1440p, lower graphical settings, but with an uncapped FPS that could go up to 120 FPS in select circumstances, although it will stick in the 60-90 range most of the time. Basically a lower resolution Performance mode (nr. 3) to make it run above 60 FPS. Only available on 120hz screens with VRR.
All modes work on 120Hz screens, but only 1 to 3 work on 60hz screens. If you are on 4K 60Hz, Fidelity is your best option. If you are on 120hz, go with Balanced. Either way, the Performance modes are not worth it unless you re on a high end PC which can go over 60 FPS with max settings.