I'm submitting a...
Bug report
What is the current behavior?
Depth isn't calculated correctly for object near water. I marked the problem on the attached image:

What is the expected behavior?
There shouldn't be any foam around objects, that aren't in the water.
Tell us the steps to reproduce the bug, and if possible share a minimal demo of the problem.
Just add any MeshInstance to a 3d water demo scene and look at water with camera behind this node.