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 - Rendering
Affects Versions5.0.35.1
Target Fix5.3
CreatedJan 12, 2023
UpdatedJan 26, 2023