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Okay never mind, I figured out the reason for this problem. The Gam3 4 Lif3.oiv file is conflicting with my latest version NVE Evolved. Just had to do a fresh install of GTA V legacy (without any other mod) and then installed OpenIV then the OIV isntaller.
Tried using this mod, and the MODISLAND_NVE.ini file is working. Just had to open ReShade menu using INSERT key and swap NVE.ini to MODISLAND_NVE.ini using the dropdown.
However, there was a huge problem specifically on Gam3 4 Lif3.oiv file installed using OpenIV. It automatically dims the whole game into pitch black and within a few seconds, it turns into white screen when exploring the map. This issue alternates back and forth on random occasions with CLEAR weather setting. On THUNDER weather it is pitch-black only raindrops are visible, on EXTRA SUNNY weather it is too bright I actually got flashbanged.
Fortunately, I was able to backup my GTA V game files before installing the .OIV
It would've been perfect if only the .OIV file would be fixed.