Everything is reflective - Unreal Engine 5.4.1

Development Rendering
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Hello,
I am using Unreal Engine 5.4.1, not sure if this is a bug or something.
All materials are reflective.
(see image)

image
image805×420 22.8 KB

This is on a brand new project with no changes.
I have also tried converting an UE 5.3 project to UE 5.4 and the same issue occurs.

Thanks.