crosshair “flickers” between screens on split-screen

When playing split screen on PS5, the crosshair for both players “flickers”, or appears to come and go every other frame. If one player opens a menu that causes the crosshair to go away, like a chest or their inventory, the crosshair disappears completely for the other player.

If it makes any difference, this was while playing in a realm, with the vertical split screen option, with no global resources enabled. The console itself is outputting 4k60 HDR but VRR off. Happy to perform additional testing if need be