I've flown around this height with slightly larger waves, with all sensors on and had no issues. If you're flying in GPS mode, then that should be the primary means of location control and shouldn't be using the bottom cameras to adjust position.
My first thought is whether you put it up before it had GPS lock and you were flying in atti mode? Second thought is whether it was actually wind and the wave movement was a coincidence. If you've isolated these as issues, then I'd switch off downward sensors and see if the issue persists (remember to land with much more than when flying with sensors on).