I've also been looking into this issue for some time now (ever since i've been sporadically plagued by it). I do believe that this is te same issue as currently being investigated by ED in this post.
Now before I proceed, I would like to clarify that I'm definitely no expert in these matters (far from it), but I noticed something that helped me and therefore hope that it might help others.
As a general rule, I would always recommend making a backup of the folders you're about to change, so you can always undo your change.
The Issue:
For some unknown reason smoke generated by explosions, white phosphorus rockets or smoke from a fired maverick would cause a complete white- or blackout of the IR TGP image.
No matter the type of aircraft used, the issue was there on all of them (personally I tested with the A10C, A10C2, F18C and F16C).
The map also didn't matter. Caucasus, Nevada, Normandy, PersianGulf and Syria, all had the same issue.
In general, I always try to run the latest Nvidia card driver (I have a 2070 super) and don't use any mods whatsoever (like reshade).
As suggested earlier in this post, deleting the contents of the folders "metashaders2" and "fxo" helps some people (for some time).
To clarify the folders i'm referring to are:
User\Saved Games\DCS.openbeta\metashaders2
User\Saved Games\DCS.openbeta\fxo
Personally I noticed that the issue would reoccur after being triggered by a pc reboot or after running a DCS update.
The post by goodman.od.ua initially helped. Thanks for that!
Therefore I've made it a habit of following his step-by-step plan and deleting the contents of these two folders, together with with playing around with the chimney smoke setting.
But then, after some time and for some unknown reason the issue always returned.
Before the latest update (Hot fix DCS 2.5.6.57530 Open Beta) the issue hadn't bothered me for a couple of days. But after updating, there it was once again...
Now here's what i did differently this time:
1. This time, after updating, I started DCS and noticed the issue.
2. I closed DCS and this time I didn't delete the contents of the "metashaders2". I also didn't do anything with the chimney smoke setting (left it on 5 per default).
3. I only deleted the contents of the "fxo" folder in saved games.
4. I then went to \Program Files\Eagle Dynamics\DCS World OpenBeta\Mods\terrains
(Personally I have the Caucasus, Nevada, Normandy, PersianGulf and Syria maps).
5. Within terrains I went to \Caucasus\misc\metacache\dcs and deleted the contents of this folder.
6. I then proceeded to doing this for all my maps.
7. Started DCS, loaded an instant action mission on all maps to test, and the IR image of the TGP worked properly again.
8. I then went to a MP server and concluded that the IR image of the TGP worked there as well.
The issue hasn't come back for some days now (even after multiple pc shutdowns), but I don't know if this provides a more "permanent" solution...
Might be that the issue will come back after the next DCS update... And this is purely speculative, but it could well be that the fxo files in the saved games folder, somehow work together with the files in the terrains folder, I don't know...
I'll definitely check again when the next update hits and let you guys know if/when the issue returned. Meanwhile feel free to try this for yourselves. Hope it helps!