Terrain at different altitudes near and far from the aircraft

I have the same problem. This problem is not confined to Italy. I have had the same problem in Australia and New Zealand. Try taking off from NZWF and fly around the strip. Will post pics and video.
Tried dx11 and 12 both the same. Seems to happen where there is water in the vicinity. I have only noticed this happening since the NZ patch.

I have i9 13900k 4800 OC graphics card 32 GB ram on ssd windows 11 up to date. Latest Nvidia drivers
Regards