Hi somawheels,
I went ahead and took a look at the water both on the river spline and on a flat plane in engine version 4.9.2 and I can’t seem to replicate your issue unfortunately. Reflections are showing up properly on both. Perhaps as you mentioned it may have something to do with your custom compile of the engine. I hope this helps you get to the bottom of the issue. here are some images. Thanks and best of luck!