That is some kind of Temporal issue.
Either that is because of the max accumulation of the Lumen probegather(Dive into temporal probe gather Lumen CVARs).
Or TAA/TSR not reprojecting the “rotating pixels” correctly.
Try FXAA.
It doesn’t happen in the viewport because the camera isn’t revolving around and object.
It’s like first person. The TAA doesn’t have to move any pixels beside you looking around.
Temporal+third person=smear mess.
UE5 pushes TAA very hard on it’s users to “fix” multiply shaders.