UE 5.0 is here, and I’m also having this bug. Except even worse, it’s not just on translucent materials!!
Not sure if anyone has found a solution yet, but it even happens with general scene 2d captures as well.
Not even making the reflection capture show-only (As I’ve done in this screenshot) prevents this issue.
(Sorry if it’s hard to tell what’s happening in this example, but to reproduce on your own just grab a planar reflection actor with Planar Reflections enabled in the project then have the nanite mesh behind the planar reflection actor.)