I did a video showing it:
https://youtu.be/bC4eZtKqc4c
I suspect that this happens due to the lack of clipping support in shaders, will try to implement that soon-ish.
Please re-test with 7f7eedac357e44b4c3e43533882a77295565fb48.
Fixed
Nothing extracted yet.
With setting above "Low", water reflections in ESO look weird and behave in an unnatural manner.
System information
apitrace file:
https://drive.google.com/open?id=1kF8I2QUashJrbQsYs8r44oZbHw_4Y1Uy