This is probably something to do with the interaction between heightfield, flattening, planetary curvature, and lake water level conforming to planet (or not). This becomes a potential issue at larger scales. First, try turning off "Flatten Surface First" in under the Displacement tab in the Heightfield Shader. Alternatively, you could try unbinding the Lake object from the planet surface and it should stop conforming to the curvature of the planet. I'm not at my TG computer so I can't verify these things at the moment, but I do think the solution is somewhere in these options. Another possibility to consider, if you do want planet curvature on your heightfield, is use of a 2nd planet completely covered in water and slightly larger than your primary planet, such that it gives you the right water level. It can be more difficult to control this way, but it does allow better full-planet watever and continent coverage.
- Oshyan