If you find the exact option causing it, please report it so other users know what to do. P.e., the Ferrucio 57 can't have "force low-res cockpits for other cars in first person view" active.
Edit: Found a way to reproduce it right at the start of loading a Spa replay, and it's not directly related to LOD options on the graphics adjustments page. Even without anything forced in that page the issue will happen. I've found a way to stop it by disabling all default optimizations, will update this post later with the offending one. Vanilla AC is OK.
I've found it hard to reproduce because I don't seem to get in such a obvious way as in your screenshot, and after a while and some camera changes, it'll even become OK at the start of the replay.
(green helmet over leading car)
Edit2: On my system, w/ p185 and new p194, "
limit some things if there are a lot of cars" under general patch settings>cpu optimizations is the setting to blame if custom node::render is left active* (required for new features after p112). Haven't tested in depth, but at least right of the start of the replay the issue is immediately gone with solely that option disabled.
*disabling "use custom Node::render" will also work, because then "limit some things..." won't be able to be used even if the option if left enabled in the UI. Disabling "Custom cars sorting" will also work, because it forces off custom Node::render off. Still, the best solution is to just disable "limit some things..." instead of disabling custom Node::render completely, because many recently introduced stuff depends on it (like Extra FX).