It is much more prevalent than just the sheds... I think it is the new renderer culling being very aggressive.
I think it does culling around players (as in my screenshots below) and even own player character - can sometimes see the forest vanish when you are running up a hill.

Saw it before too. No special occassion, just happened.

Found the solution to this problem. Having "-nosplash -nointro" as launch parameters stops the world from loading for the main menu.
I assume that the 0.60 version explicitly relies on the main menu world to have been loaded prior to going back to the main menu from a server. This probably wasn't the case for the previous versions as I had those launch parameters since game launch.
Or, possibly, it is the culling trying to poll the character to render and there is no rendered character.. Finger in the sky at this stage.

Agreed. Same problem for me and my friend.

I would say 300m is when the gun of the character first becomes visible. Completely invisible at 400m. Character with body parts appears around 250m.
Zombies can be seen with naked eye from at least 700m (from top of the new apartments north of Balota to the far end of the airfield itself), so can be player flashlight, not the players themselves.

Edit: my view distance is default/higher than default between the settings