The problem is now fixed in UE5.0.
The clouds render in UE4.27 too, but the clouds in the left eye are jittering and render over solid objects. To fix it you need to change two lines of code and build UE4.27 from source. These two lines from this UE5.0 git commit: https://github.com/EpicGames/UnrealEngine/commit/3808796330293133103b009ac630c716c1de6fc1