UE5 MacOS flickering issue

Hello,

I’m having problem with flickering lights on some objects as shown in video. Currently I’m using UE5 on MacOS with M1 processor but originally project was created on UE4 on Windows. I’ve tried comparing settings with new empty top down project (which does not have flickering issues) and my settings (at least obvious ones) are the same.

https://youtu.be/QJx0xBlvxUU

Do you have any idea what can be causing this? I’m trying to avoid moving all stuff to new project.