Extreme Brightness using SLS Specified Cubemaps for Skylights in VR

Surfaces are getting washed out or over brightened when using a Cubemap on a Skylight in VR.

Tested
4.15.2 - 3416026 : Does not occur
4.16. p2 - 3415565: Occurs

1. Create new blank VR Template project.
2. Create new default level.
3. Add Skylight and set it to Stationary or Movable.
4. Set the Capture Type to SLS Specified Cubemap and apply a cubemap from the Engine Content.
5. Rebuild All.
6. Play in VR Preview.

Outcome The floor and any static meshes placed in the scene become almost completely white, as if the exposure of the light was set to max.

Expected Looks similar if not identical to how it appears in the Editor.