The power node in 4.16 gives incorrect results.
There was a change. Before power node was implemented like this:
return pow(max(abs(X),0.000001f),Y);
Now it works somewhat like that:
return pow(max(X,0.0f),Y);
For you, it means that values below zero will be treated as zero, which is the case for your sine wave.
You can add Abs material expression before your power node to restore previous functionality
That did it, Thanks.