In this thread someone was wondering about a similar ‘heatwave effect’ and a dev steps in to explain how to step up a _CameraSortingLayerTexture. Unity 2DRenderer Heat Distortion shown in the Unity GDC Showcase 2021 not working
There’s not much documentation of this feature, but the final sections of this page explain a bit. 2D Renderer Data Asset | Universal RP | 11.0.0
Another dev explaining the feature: