I can replicate it here, and tried various things such as geometry optimizers, retopology, reset xforms, redoing normals, subdividing terrain, subdividing water plane, making the water plane smaller, etc. Some of which reduces the effect but doesn't remove it. So far my best guess is it is related to how these planes are ALMOST but NOT QUITE coplanar, due to the low angle of incidence between them (if you scale up the landscape so that all the features are "taller" then the unwanted effect goes away, and sometimes you can see a bit of z fighting flicker in the viewport with clay mode on with the scene as it is). Could be wrong though.