Stacking reflective materials - UE5.5

Why don’t you add the waves and foam interaction right in the water material and you can control its intensity by adding camera position node or the actor node so you can determine at what distance your waves would start to appear, i hope i am getting the point across.

or maybe use the inbuilt water system which gives you lake and oceans etc, you can tweak the material settings and waves speeds and all of that.