I find the PrecomputedVisibilityData is not set to view
This is my fix on UE5.4, hope can help others.
if (ViewState)
{
SCOPE_CYCLE_COUNTER(STAT_DecompressPrecomputedOcclusion);
View.PrecomputedVisibilityData = ViewState->GetPrecomputedVisibilityData(View, &Scene);
}
else
{
View.PrecomputedVisibilityData = nullptr;
}