Quite often long-range shots from enemies are invisible for me; I only see their splash animation against my hull when I take damage. Invictus-line, Athos-line, Gora-line, and Zmey-line primary weapons seem to be the major culprits; interestingly, I seem to always see enemy artillery cruiser shots, though sometimes the Grenada-line primary shots are slightly faded. Sometimes even my own Invictus-line primaries are invisible. I have tried different HLOD distances in the graphics settings and even turning HLOD Off; Low seems to mitigate it most, but it's still a common and very annoying problem. This has only been a problem since 1.10. At least one other player on Discord is also experiencing this problem.
I use 1366x768 resolution in-game.
Intel i7-7500U Intel HD Graphics 620 16 GB RAM