Incorrect reflections and visual artifacts with Vibrant Visuals (performance issues)

I am experiencing graphical issues with the new graphics engine in Minecraft Bedrock Edition.

There are excessive and incorrect reflections appearing on blocks that should not have reflective properties, such as stone and dirt. Many surfaces look shiny or glossy when they should have a completely matte texture. There is also an overall excessive brightness/glow effect that makes the world look unnatural.

In addition to the reflection problem, I sometimes see black lines at the top of the screen (in the sky area) when moving the camera. These lines appear temporarily while rotating or moving the view.

The performance has also decreased significantly since enabling the new graphics engine.