For those who can compile their own engine, in UE 4.18, you can fix this in the following function in DefaultXRCamera.cpp:
void FDefaultXRCamera::PreRenderView_RenderThread(FRHICommandListImmediate& RHICmdList, FSceneView& View)
{
check(IsInRenderingThread());
// Disable late update for day dream, their compositor doesn't support it.
const bool bDoLateUpdate = (TrackingSystem->GetSystemName() != DayDreamHMD);
… by setting bDoLateUpdate to false when the active Camera component “bLockToHMD” is set to false. In order to do that, I added a bUseLateUpdate in the FDefaultXRCamera class, and I set it in the ULocalPlayer::GetProjectionData(…) function, the same way UseImplicitHMDPosition is set.