My apologies, I missed the update.
I have not been in a position to test the demo version, but I do have the course that the demo uses so I have been able to try it with 2.84.1 and also validate the problem, on the later release.
The holes in the course used in the demo do not exhibit the problem, I should note that it does not occur with every incidence of reflective water however, even on courses where I see it on some holes and not on others. I would conclude from this that the demo version is unlikely to show the problem, it is just a cut down version of the full program with limited options, if the course does not show the problem on one is unlikely to show it on the other.
I have confirmed that the problem still does occur on 2.84.1. It is rare to use the older courses these days, so I have no info on if any of them do show the problem, most older courses do not have the scenery.
The later patches should not affect the included course, that is an old course, one patch does have an impact on reflective water, but it works to help prevent the problem, in other words you are more likely to see the problem if that patch is not installed.
The background pictures are part of the course file, so vary from course to course, they are not part of the game.
We typically run the game with dgVoodoo set to 1024MB, the majority of my testing has been using Links in full screen mode on 1900 x 1080 resolution.
As an aside, Translucent golfer shadows do not work under dgVoodoo.