It seems that volumetric clouds in the background appear in front of objects in the foreground in the right eye of a VR headset. I also tested in //UE4/Release-4.26 @ CL 15973114 and the results were even worse with the objects in the foreground being barely visible, so not marking as a Regression.
This was tested on an Oculus Quest 2 connected to the PC through Oculus Link.
In the right eye of the VR headset, the background appears in front of the Material Sphere object in the level
The background would be behind by the sphere in both eyes
There's no existing public thread on this issue, so head over to Questions & Answers just mention UE-137684 in the post.