Usually when there is some kind of flicker it’s a strong indication of some kind of Z-buffer fighting going on and since PBR is a real world material type the same type of fighting can occur on the material level. Looking at the material BP your missing some kind of normal map but since it is active it’s trying to add to the mix based on it’s default values so each time you move the material is being redraw using a different value.
For a PBR material to work it needs all 3 required texture slots to have a fixed value so if you give the normal slot a 3var this should fix the values default to 0 0 0 and prevent the Z-buffer fighting. Sill occurring change the normal values.
OK downloaded the sample file to see if I could find the root of the problem which seems to be a problem with the camera class
By switching to the default PIE camera and cinematic camera the problem goes away as well as deleting the Cam bp class problem solved so there is a problem with the camera.
Looking at the BP the class still uses the legacy camera which is no longer used and replaced with the cinematic cam.
Understandable that it’s broken in 4.19 and above as that is about the time the basic camera was replaced with the cinematic camera.
With out spending time to fix it you could try replacing the legacy camera with a cinematic version
I too am facing this issue since I upgraded on of old project from 4.18. still trying to solve the problem.
Edit : looks like Atmospheric Fog is contributing to this problem.
While developing a very large ocean for my game I had flickering issues (Using a single plane at a scale of 100000 in all axis with the standard ocean material with some adjustments for scale). I solved this by creating my own mesh instead of using the standard plane. I created a plane in blender and subdivided it many many MANY times to get it up to 65k-ish in vertices. (You can right click a plane and hit subdivide in face mode to make this process very quick)