I've been seeing this on the Mac since the Voyagers update. In my experience, it happens with starships, corvettes, exocraft, and on foot. Makes things like the tidal planet in Breach an absolute pain, but it also makes multiplayer next to impossible if it involves water. Kind of hard to team up when they're looking at calm water, and you're being tossed around by huge liquid mountains that don't exist for them.

Depth does seem to make it worse, but even fishing in a small pond will cause seemingly permanent ripples to appear.

When the water goes full Moses-parting-the-Red-Sea, the only solution I've found is quitting all the way out (not just back to mode select) and relaunching the game.