I suspect that the off-screen terrain precaching is not working as it should. Stuttering and objects popping up, along with the stuttering when panning through the horizon, are symptoms that suggest that this setting is not working as before and now the Ultra setting is like the previous medium or low.
I hope that this is not intentional, since one of the tricks they used to make MSFS work on XBox was offloading the memory by keeping only the scenery in front of the aircraft loaded. This caused stuttering when panning and objects pop in.
Then they introduced the off-screen terrain precaching setting when PC users protested.
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