I have a similar error, but i can view the water as well.
After opening ports and disabling firewall didnt work.
A possible solution i discovered is setting all your ingame settings to minimum, including your resolution down to 640. then closing down any programs or apps you have running in the background, like everything apart from antivirus and steam, no matter how little power these programs consume. After a restart, the game usually works fine after ive done this, and spawned into open world. settings can go back to ultra and it should work fine for the remainder of the session.
I thinks its due to the poor optimization of the game resulting in a 'timeout' from the graphics card because of the long time for initialization. It seems to work for me anyhow so worth a shot