I missed this one year ago.
The OP issue is partially related to the material itself and transparency sorting the way the engine manages it.
Even then, the engine provided the single layer water shading model which does all of the correct basic things for noobs - since fixing it yourself is not for the faint of heart and making it work with 0 knowledge is like a month’s long exploration that inevitably ends with you learning HLSL and changing engine.
Even back a year ago, the WPO node had a toggle to select what option to go with from its properties panel.
That could be important when making things yourself (or it could not if you just do the right math off WPO. All depends).
The other issue the OP had was driven from bad texture linkage on the math - and bad math as he later detected - but apparently made worse?.
Then he had issues with reflections, which in this engine are just part for of the course naturally.
You either have to do reflections manually in the water material yourself by adding a texture of the sky that bounces back…
Or you are at the mercy of the engine reflection, which causes issues like the black dots as well as having objects in the fustrum being mirrored into far away distances in a 2:1 or maybe even 3:1 size creating an hideous effect to say the least.
The only cure for this that I know of is to disable reflections and change things to ray traced. Distant materials (like the edge of a sea at the horizon) will still have rendering issues.
Also, fwis there isn’t a “fix" in this situation because we don’t know what you are doing in your custom material. You can definitely get them to look good and work while doing way more complex stuff.
Though, I really suggest for anyone trying this should just learn HLSL and use it by creating their own water shader model (.usf).
Since it gives you access to way more options and lets you fix things you otherwise cannot - and that is why epic ultimately provided a shader model - it is the best option.