Hi all, I can report that this issue is being tracked internally at Epic. As has already been mentioned, the workarounds are to either set the geometry to non-static, or set “Velocity Pass” to “Write during base pass”. “Write during depth pass”, the default in UE5, is believed to be more efficient for most scenes, but the “base pass” setting should be fine to use as well. Probably worth doing a performance comparison if you switch.
In the future there will be some scenarios that require the “depth pass” setting.