So... This bug seems more prominent than I thought, with me originally going through it when I first purchased the game months ago. Now my two of my friends have had it too and only one solution has helped us.
Many things are thrown around but this basically guarantees that it fixes it, it's worked for all 3 of us.
First thing you want to do is delete or rename your player folder. This doesn't hold any save data as far as I'm aware, as that's all synced to the cloud, it's just your settings, and for some reason this really screws things up.
In my case, I just renamed it to player-1, the player folder is in Documents/Call of Duty Black Ops Cold War
After that, you can start the game up and it'll have you go through the first time boot up process since it thinks you're starting the game for the first time, after all that's done, you want to restart shader compilation.
Go to the Graphics settings and scroll down to the very last option.
Now, here's the really weird part... Join a match. Nuketown is probably best since most players are there. And just try to play it. Even if the framerate is unbearable, just stick to it. Once the match is done, just leave the lobby and ta-da! Your shaders are compiling for whatever stupid reason in this broken Activision game (aka in this normal Activision game).
All these steps are a bit of bother just to get the game we bought to work properly, but they worked, and we don't have to do them again so it's fine.
I really really hope it helps others too. Because this is absolute BS and has been complained about tons on forums. F# you Activision-Blizzard.
