It seems to be due to the addition of the bIsWaterPixel decision in Engine\Shaders\Private\VolumetricRenderTarget.usf.
ForwardRendering cannot access GBufferB.

Steps to Reproduce

Open NewMap.umap to see the problem.
Disabling the ForwardRendering setting improves the problem.

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ComponentUE - Graphics Features
Affects Versions5.0.35.1
CreatedJan 12, 2023
UpdatedAug 3, 2023
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