I am also having the same issues on UE 5.1. It only persists on material preview on lit mode with or without HDR. Unlit, path tracing works just fine.
It is also weird that none of the quixel material is showing this behaviour.
I created a simple color material to demonstrate this problem. Maybe a greater mind can share light on us on how to rectify this problem.
See below link for snapshots on the issues. (Expires 1/30/2023)