Maybe the Summary is little bit confusing, but i tried to add precise title. You should watch the sample video and the images to understand what really happen.

What happen:
Less objects displayed in the draw distance horizon when you look directly to the horizon. If you look above or below the horizon than more object appear.

How it should:
I think it should be work in the opposite direction. If you look above or below the view distance horizon, then less object should be displayed. {F23458}