When "r.EarlyZPassOnlyMaskedMaterials" is enabled, masked materials used with particles will flicker when close to the camera.
Found in 4.17 CL# 3658906, 4.18 CL# 3832480, 4.19 CL 4033788, 4.20 CL# 4369336, 4.21 Preview 1 CL# 4435822, and 4.22 CL# 4457235
Results:
The materail will flicker the closer to the camera is to the particle system
Expected:
The material would not flicker
There's no existing public thread on this issue, so head over to Questions & Answers just mention UE-65185 in the post.