Billboards Flicker At Great Distances and when overlapped with meshes

When actor billboards are very far from the camera they will begin to flicker. They flicker in our shooter game project as well so the distances aren't so extreme that they are unreasonable.

1. Open a blank project
2. Drag in a blank actor
3. Set the Editor billboard scale to 500

*Alternate repro:

1. Open any project
2. Drag a in any scene component and overlap it with a static mesh

RESULT
The billboard will noticeably flicker in the viewport where it touches the floor.

EXPECTED
The billboard either doesn't flicker or stops rendering due to extreme distance

NOTE flickering occurs in shooter game example project with sphere reflection capture billboards