There is the occasional stutter, few and far between. But is 'minor' stutter compared to some other recent titles. Flawless compared to something like the PC port of RE7.
As far as day and night cycles, the game takes place on a space station...
Might not be the best looking game out there, but damn is it hard to put down. It's been a long time since a game has come along that feels fresh, totally immersive, and meaningful. And is a welcome relief from games/studios who attempt to achieve substance with open-world staples (fetch-quests, meaningless characters, breathless story). I would definitely recommend giving it a try.