Putting Global Illumination below High in 5.5 makes the visuals go crazy

Does anyone know what’s happening here? After migrating from 5.4 to 5.5, setting the Global Illumination below High causes the lighting to completely break down. I tested this in the 5.4 version and the output log reads the same as in 5.5:

LogConfig: Applying CVar settings from Section [GlobalIlluminationQuality@1] File [Scalability]
LogConfig: Set CVar [[r.Lumen.DiffuseIndirect.Allow:0]]
LogConsoleManager: Warning: Setting the console variable 'r.SkyLight.RealTimeReflectionCapture' with 'SetByScalability' was ignored as it is lower priority than the previous 'SetByConsole'. Value remains '1'

Here’s a side-by-side of Global Illumination in 5.5 set to Medium or lower in the first picture, and then set to High or higher in the second.