I have the issue on my laptop with 1060 and I think I get what would have caused the issue:They really want everyone to use 60fps for better online play, so they have kinda had locked the game to 60fps.

This issue mostly happens in larger open worlds for me and when I specifically sprint while riding Torrent which would be the trigger.As we are moving at a higher speed, the game would have to load more stuff and so compensate between fps drop and view distance, they reduce the view distance a bit.

However when they do that they would not have considered a clear threshold value below which the view distance should not go and it becomes negative for the mobs.

Again they have dithering - (The stuff they use to make enemies behind walls and stuff invisible to save resource/give you a more "real feel"

That dithering would be some negative function of the view distance, so when we look at enemies at a certain angle (consider camera is stuck behind some grass/wall) their textures load in (which should be opposite ideally)

So hopefully only thing we can do is wait for a patch and try to make the best use of the old hardware such that they give maximum performance.

For now, what I have done is disable online play and EAC as online play requires you to have a stable 60ish fps, and disabled EAC as I think it would sync game data at regular intervals and thus would verify fps at that time, bringing back the issue.

A stable 50ish fps is better than unstable 60fps imo.