This issue will display correctly in Portrait if you don't specify a resolution, but using r.setres will display it incorrectly.
1. Packaging the Third person template.
2. Display's Orientation sets the Portrait.
3. Run the game and execute r.setres 2160x3840f results in incorrect display
In landscape mode it looks like this:
There's no existing public thread on this issue, so head over to AnswerHub just mention UE-107901 in the post.