Yeah I have been having that issues for the last week, although really extreme... wasn't even seeing the red circles or cast bars then getting hit out of nowhere... another fun one was being alive on my screen and dead on other peoples for over 10 seconds in one Garuda run, and Garuda being invisible most of the fight)...

I got in contact and my ISP has acknowledged the problem and is working on a traffic priority signature to give the game highest network priority, and have (so far) fixed a path issue shown in tracert which was sending the game traffic on a crazy doubling-back-on-itself route. Ping was down from 250-300ms to 100ms last night.

I'd suggest getting in contact with your ISP just in case they can help, and if they have support forums post there, as you might well find other people are having the same issue which might give them more of a nudge.