Anyone searching this up, I have managed to create a solution thanks to this post:
This isn’t a very pretty solution, it’s basically just adjusting the already existing water height parameter to correspond to the height of the actor. It does so by converting the material to a dynamic instance at the start of play, then simply changing the parameter.
This works well for calmer bodies of water. A solution for the choppier waters produced by waves would likely require some finagling. Luckily, my focus was on indoor bodies of water, which wouldn’t be so choppy.
This issue is resolved.