Hi ladies and gents. Having the same issue as all of you. I was wondering if it’s because I’ve amassed so many items in one place that it’s consumed my RAM on a base PS4? Also I would like to add that I’m very impressed the Devs still care enough about this game after this amount of time. 
Started the new file, only setting I’ve changed was world - random for starting. I would like to thank the dev team and Clare for assisting us all with this and trying to work on a solution, and remind players to please be patient, I know it’s frustrating for many but we have to give the team credit, they are trying and this is a new and unexpected issue after an update. I’m sure it will be worked out soon, the game is awesome. Do we know if this or a similar problem has ever happened? I can’t find anything on it so it seems to be a very new problem
Scratch that… jumped on my gyrocopter (after some faffing around) flew off to a new island… and now I’m stuck on the gyrocopter 
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So…
Managed to get me barge to the middle island. Exact same problem as soon as I set foot on land (middle island), I.E. the issue is already there.
Small crab - It was running around in the shallows, and I was stood up, and had difficulty highlighting it whilst I followed it around. Crouching down allowed me to highlight it consistantly.
Giant Crab - Interestingly this was barely much higher than the Small Crab, but I could not highlight it at all.
Small Palm Tree - There were a couple that were around the same height. One I could just about get highlighted if I was crouched and looking straight down BUT my cursor was slightly off the actual plant. This ‘point’ of highlight did also seem to move slightly when I went back to check it.
Another small plam tree slightly higher than the other one, I could not highlight at all.
Then I managed to make it home…
Again, same issue as soon as I set foot on land. Fortunately on my home island, it is not very ‘hilly’. So I could interact with most items (and I have a shed ton of stuff lying around here!).
A good test though were my garden plots.
3 of them are all next to each other, but at very slightly different heights (due to the sand dunes).
Plot 1 (lowest) - I could highlight the garden so that it displayed it as growing potatoes (the text that comes up). I could also pick the potatoes from this plot with no issue.
Plot 2 - (middle height) - I could highlght the garden so that it displayed it as growing potatoes but could not highlight the potatoes.
Plot 3 (highest) - I could not hightlight the garden nor the potatoes.
Edit 2:
I forgot to say I took a swin on my middle island with a fishing spear. I could highlight and collect sardines absolutely normally. I dropped them and let them float to the surface and could also highlight/interact with them with absolutely no issues.
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I myself play on PlayStation. The glitch occurred mid day and the whether was clear
It only triggers when I leave my square, the screen always does a little “jump” and then at this point the sail becomes unusable but rudder is fine. When I turn my raft and jump back into my zone the sail can be used again. I have not tried anything higher in my island but I’ll go try now.
Edit: on my island everything is fine. The eggs at the top are intractable. I used my inflatable life raft and it let me do so through the zones with no issue. Anything higher up on the new island I visited was not able to be interacted with but anything lower was ok - when I brought something up from the beach and dropped it on top of the island I was able to interact with that item without issue but not any of the items that are already higher than the beach. This seems to be a higher up issue but I was killed by a crab because I couldn’t attack it (and I had a broken leg lol)
This glitch is like a infection, any Island glitched will remain glitched, what you are describing is the process of loading glitched Island/tile.
Thanks for the continued updates all. My responses will start to slow down a bit for now but feel free to continue sharing any info. I’ll be continuing to go through everything and continue to follow up tomorrow of course.
Just out of curiousity because I’m still thinking about what @Phoenix420 said… has anyone else seen seagulls or bats flying around their island when this issue occurs?
Not that I immediately noticed.
When I was sailing to my Homebase I heard bats flying around me when I was in the middle of the ocean, but I couldn’t see any when looking around? Also when back at my home base, if I stood on a rocky shoreline and scanned 360 degrees sea gulls would fly over head and some would land on the rocks. This would happen with every revolution I made. Don’t know if this helps.
Something else I’ve just noticed - if you climb to the top of a tree it throws you off. Another broken leg
Thanks @Equi Equi just saw your second comment, I’ll treat that as a seperate report. If you want to log a bug report for it please do. But I’ll make a note it now so I don’t lose it in this thread.
@DUTDUTUK Am I right in understanding that the seagulls replayed their movements every time? (glitch in the matrix style is what I’m imagining)
Thanks for that info, it might be nothing, but I’m going to let the team know anyway just in case.
I didn’t mind that one so much ! I can run and jump at a tree and it grabs on to it from where ever you hit rather than needing to go to the base and hit climb.
@Reebont I’m heading into my 3rd night on the first island, got a shark for leather, making a pick overnight and may sleep as I did on the prior file. Headed for a second island in short time here, cleared my nearby wrecks. Taking the life boat I think. No issues so far, but previously the glitch didn’t happen until I had cleared my 2nd island and was preparing to head back. Taking some breaks but I should have similar progress in an hour or 2, I’ll keep going and see what happens.
I can’t interact with anything as well , I had to create this account to address my problem with this game , I’m 31 days in and now I can’t interact with my boat or anything on my island I can’t eat , drink , leave the island nothing , I love this game to much to delete it , will this problem even get fixed ?
I’ve every confidence the team will figure it out
I also created an account to easily keep an eye on this thread, as my husband and I are experiencing the same absurdity. We tried about 3 or 4 times and each time was pretty much the same, so I’ll just summarize.
For us, we were about 30 days into a shared file and went to a new Island we created (the third island we visited, but first player created Island). As we arrived, we immediately noticed difficulties with our crafted raft. Most tries to tie up the sail were impossible, but one play we managed it crouching and targeting the very bottom of it. Then I had to drag the raft in the same way, crouching and staring at the bottom of the buoys. I was able to pick up one rock on the shore, and he was able to stab a small crab if it was in the shallows, but nothing else was able to be targeted.
We were able to target and interact before we left the island we were on and saved right before we left, so I can’t say if it is directly related to the player created Island or just leaving an island again or simply time passed, as we got far too frustrated to keep reloading. We could go back in and mess around if more information is needed though.
I’ve got some other bugs, but I’m going to see if I can find threads for them or create one, no need to muddy up this one. Thanks for everything!
@Clare , I have seen a flock of seagulls and bats in this patch very early in playthrough, is their spawn related to the bug? My glitched save bugs at exactly 18:30, maybe the time the flock of bats spawn? Now I’m curious I want to check. I know that the bug will always happen at 18:30 on my save, I will try travel to another Island and go back after 18:30 to see if I avoided it.