https://udn.unrealengine.com/questions/429242/419-psvr-dynamic-resolution.html
"We are experiencing a rendering regression in PSVR when upgrading from 4.17 to 4.19. A MaterialBillboardComponent that we attach to the camera and use as an interaction crosshair is now only showing in the left eye, and not in the right eye or social screen. The material is a basic translucent material that allows color changing. The billboard component is using default settings with no opacity or size curve. So, it seems like the issue is probably a rendering regression with billboard materials as it renders correctly in 4.17 in both eyes. Here's the material:"
A problem where translucent materials on a billboard are rendered correctly only for the left eye.
In my initial testing I found that billboards only worked if instanced stereo was off. And this was consistent from psvr to vive to -emulatestereo.
There's no existing public thread on this issue, so head over to Questions & Answers just mention UE-58627 in the post.