Especially when you're in a helicopter it's so annoying, looks really bad and ruins the immersion with all the bushes and rocks constantly popping up a few meters away. It's been an issue for a while now that should finally be fixed and it should be a pretty easy one to do for ED!
No problem in loading Singleplayer replays but I'll guess it's a known problem by now with DCS 2.9, that 99% of all multiplayer replays no matter what server, are broken and result in a CTD...