The option is from a MAME core, not FBNeo. FBNeo outputs at 480p which is ok, you should not configure anything.
I’m sorry to hear that you’re having problems in reaching good speeds; given that the GPU is about the same as mine, I can only blame OSX Vulkan drivers and the Metal translation layer.
Asteroids is a 60fps game; if it sits at 30fps, even with fast presets which alreaddy halves the internal resolution, I’m afraid there is little to not hope at all to reach good speeds, even with setting static options or disabling features.
If you still want to thinker with static options, please read the file config-user-optional-template.txt under koko-aio/config/config-user-optional-template.txt