Is there any way to achieve something similar to this aesthetic on purpose?
It’s not physically accurate, but I do like the stylized aesthetic of it. Ideally I’d like correct lighting in the scene, but for the profile of the shadow to be altered to have the wavy look.
The wavy shadows is actually UE streaming in the lower mipmap versions of the lightmaps before it loads in the full quality version.
The lower mipmaps are just lower resolution copies of the full resolution lightmaps, so you can achieve a similar result by adjusting the Lightmap resolution of your objects in your scene. Note that this will only work on static shadows baked via lightmass.