Setting the FOV larger allows for viewing things in the periphery that are otherwise not able to be seen due to draw distance.

So, if I have a wider FOV and I turn left or right, I'm able to see things I cannot see when directly pointed at them.

This has been the case forever, but the draw distance thread reminded me of it.

Okay. That isn't a bug, exactly, that's just a byproduct of how zbuffers work (basically, how draw-distance math is inherently calculated).