A memory leak occurs in global distance fields when bDisableWorldRendering=true
As a workaround until this is fixed, you can disable the logic that checks bUpdatedThisFrame *in *GlobalDistanceField.cpp locally.
ClipmapViewState.Cache[CacheType].PrimitiveModifiedBounds.Append(Scene->DistanceFieldSceneData.PrimitiveModifiedBounds[SourceCacheType]);
is called every frame, but PrimitiveModifiedBounds is never emptied, because *bUpdatedThisFrame *is true, because FrameNumber is never incremented.
Note: appending to PrimitiveModifiedBounds takes longer and longer every frame, since it's never emptied, so low FPS can be observed too. Eventually, memory is exhausted.
There's no existing public thread on this issue, so head over to Questions & Answers just mention UE-237012 in the post.