tl;dr: On PS4, try going into NETWORK in your game’s settings and turning up the chunk download rate if you haven’t already. Worked for me.
I’m on PS4 also, and I had this exact same problem the first couple days of Gleambow Racing.
It happened on occasion before, but going soooper fast racing for gleambows made it occur almost non-stop. It even made it to where when a gleambow meteor would spawn, I couldn’t even see it. Not because it was light in color or too far away, because the graphic wasn’t even visible in the sky.
I’m not incredibly tech savvy. I tried slowing down, even going afk for a few minutes to let the planet “catch up” to me. I tried going into graphics and messing with field of view, depth of field and bloom. Nothing helped at all. By the end of day two I was beyond frustrated and started poking around settings again.
That’s when I noticed chunk download rate in network. Cranked it up to MAX and I never encountered this issue again, some several hundred gleambows later. I found this odd, because I thought having it lower would make the connection smoother. If you’ve already tried that, then well, I have no clue. It worked for me.