I found this posted in a Youtube comment and it works:

@UrbanLegend
"A friendly Steam user pointed me in the right direction! Go to `<user profile>/Saved Games/Nightdive Studios/SystemShock/Saved/Config/WindowsNoEditor/GameUserSettings.ini` and change sg.ViewDistanceQuality from 0 to 3. For some reason, the game likes to set it to zero for certain setups. I have no idea what triggers it, but setting it to 3 solved all the issues for me. Hope this helps anyone struggling with this issue!"

I think NightDive should really add a View Distance slider to the game.

Question: Does this relate to the Sekhmet port, or the new remake?

It's for the System Shock remake.