If you notice, the shaking we experience now is the same rhythm as the prior persistent shaking. Just much less, and almost apparently completely omitted while using scopes and binoculars.
Also mentionable is the fact this same shake bug (in it's current state as documented within Comment #0088612)) I'm now experiencing, has been in ARMA 3 since likely alpha or beta, but isn't usually seen unless users make constant use of free look, or use TrackIR which makes explicit use of free look.
Hence, the root of the bug is still likely there, it's just back to being not noticeable or not detectable by the normal everyday user, or users not knowledgeable.
I'm pretty sure they only fixed half of this bug. If you also notice, there's almost absolutely no shaking when looking through scopes & binoculars, while the shake I experience now documented above within Comment #0088612, is only seen or provoked usually within third person usage. That's the other thing, camera shake is more noticeable within third person usage.
If they did hack around and now are negating camera shake while using scopes and binoculars, might be a good idea to omit or apply the same fix for this massive camera shake bug within the third person as well. But from a player's face value point of view, or from an unknowing point of view, this bug might only "look" fixed.
I have also just fgrep'ed the Phoenix Realism mission game files, and definitely see the only reimplementation or reactivation of CamShak is also apparently commented-out via double quotes.
$ fgrep Phoenix_Domination_V4G.Altis/ -r -e "CamShak"
Phoenix_Domination_V4G.Altis/fnc/injury/fn_injuredBloodloss.fsm: " resetCamShake;" \n
Phoenix_Domination_V4G.Altis/fnc/injury/fn_injuredBloodloss.fsm: " resetCamShake;" \n
Phoenix_Domination_V4G.Altis/scripts/ais_injury/fsm/bloodloss.fsm: " addCamShake [15, 999, 0.7];" \n
Phoenix_Domination_V4G.Altis/scripts/ais_injury/fsm/bloodloss.fsm: "resetCamShake;"/*%FSM</STATEINIT""">*/;
Phoenix_Domination_V4G.Altis/scripts/ais_injury/fsm/bloodloss.fsm: "resetCamShake;" \n
However, CamShake is definitely somehow being reactivated by some other means than just the Mission Files on the Phoenix Realism servers. As I try to read this scripting, it looks as if the double quotes, are just quoting a further embedded listing of commands? Hence, "resetCamShake" should also be further deleted/removed? (Actually, the recommended method is likely just commenting the sections out within C style /* */ comments.)