The smoke effect from the Huldufolk armor set does not show while playing. It has only worked when first loading into the game. Once loaded in I have to click to show my helmet as it's always clicked to not show when game is loaded. Interacting with anything like this seems to take away the smoke effect while playing. I can sometimes see the smoke effect in the inventory screen, but still does not show once back to playing.
Something to look into.. - Thanks! ( Playing on PS4 Pro )