I'm using Valve Index and having a same issue (I can see huge blobs 30miles away).
For me, the problem is, it is not only unrealistic and ugly, it does not make any advantage nor spotting bogies better at all since "in visual range" all objects in the sky become closer to actual size.
In terms of a sense of distance in visual flight, those blobs are confusing me a lot especially when I try to catching up tankers or entering a formation from a distant location.
New feature may help some people who playing with an extremely big resolution but at least for me, the new visuality enhancement is absolutely overcoocked. I have never had any complain about 2.8 visuality.