what exactly is the ‘top pano’? Guess I am not sure how you are actually using it. What are the different settings if you don’t mind me asking?
I think your problem is screen space reflections if this is opaque water. Try expanding the extra options on the scenecapturecube actor, expand showflags, expand lighting features, disable SSR.
I usually do not have time to download projects to try them since I am not a support person by job title. I just try to browse the forums and find quick ways to help in between my other tasks. If somebody has been having no luck for a long time, or if its a very specific issue that I will have extra insight into, I might do it. You will usually have better luck getting people to repro using your project on the answerhub, just incase it comes up again. Requests on the forums do not get tracked which makes that kind of effort more tricky.