The smokes (both from the ship engines and fires due to damage) disappear at some distances, when the external camera is used. And in weird way: when you are close to the ships, you can see the smokes, you are getting far away they disappear suddenly, but if you continue to move away they start being rendered again. The "no-render" distance is very narrow actually, no reason for that. So it is definitely a bug. I have all graphical settings on Max, Radeon RX 6600M. The video of the bug "in action":
https://1drv.ms/v/s!Auj7waf-njNTtlIK...rLq8F?e=3O7Y0V