It appears as if the primary screenpercentage is being sent as the screen size to separate translucency materials, even though separate translucency has its own screenpercentage (r.SeparateTranslucencyScreenPercentage) - when these two match, the warping goes away.
There's no existing public thread on this issue, so head over to Questions & Answers just mention UE-198610 in the post.
| 0 | 
| Component | UE - Rendering Architecture | 
|---|---|
| Affects Versions | 5.3 | 
| Created | Oct 20, 2023 | 
|---|---|
| Updated | Oct 30, 2023 |