That's the same on all versions of the game. I'm on Series X and it still happens. If i could snap my fingers and magically fix one thing about the game, it would be this one. It's so jarring to watch those 2D sprites of cars in the distance, i honestly refuse to believe CDPR failed to come up with a more elegant way to simulate traffic without compromising performance too much.
It's actually the case with NPCs too. Just climb somewhere high in the Badlands and then point your view to the Sunset Motel: zoom in and you'll notice a myriad of little 2D people bustling like the Motel was an ant colony where a rave party is taking place.
On a side note, did you notice those lamp posts floating mid-air in the video? It happens with traffic lights too. I recently sent a support ticket to the Support Team about this, to which they simply replied, "Go into Settings and clear the cache". A bit disheartening, if you ask me. This in my mind translates like, "it's really not a bug so we're not going to fix it". :/ I hope i'm wrong, because every time i go to Sunset Motel, those flying lamp posts immediately pull me out of immersion...