The lake object is actually a flat disc, so if you imagine a flat disc on a ball, the edges of that disc will be raised off the ball. This is what's happening in your scene, your 600km heightfield is covering more of the planet, therefore the curvature is falling bellow the edges of the lake object. Also, the radius of your lake object is not large enough to cover your 600km heightfield.
Another way of doing this, would be to copy and paste your planet object, and just connect a displacment shader with a constant scaler of 100 (this will displace the new planet to your water level) through a water shader into your new planet. So you have two planets ontop of each over, one being the land, the other the water.