Regression: Tested in UE5/Release-5.0, and the issue does not occur, so regression is yes
This issue also occurs when you set "Enable alpha channel support in post processing (experimental)" to "Allow through tonemapper". Either leaving it set to this or leaving it disabled does not change the result to be expected.
Actual Result: Rendered Sequence is black on all frames
Expected Result: Panoramic images are rendered for each frame of the sequence
There's no existing public thread on this issue, so head over to Questions & Answers just mention UE-173024 in the post.