Just wanted to add that I was playing last night watching two players run off from the Oasis. I watched them dissapear out of render distance while my buddy could still see them. So it's not just objects but also players.

I didn't have a rangefinder but this is looking at Bala Hissar from near COP Kestral, probably right around the 900m mark. For me none of the castle is loading in but for my buddies standing right next to me they can see the castle and trees beyond. We all play on base PS5 with the same resolution.