AFAIK this is the (bugged) typical Rendering of a smaller/medium Nebula that is roughly about 1000-1500LY out.
NGC 7822 for example will have a phase of several hundred LY looking like that, before the Rendering goes correct again.
It's been bug-reported ages ago, but probably not high priority.
If you keep heading into the general direction, that distinct "round, fuzzy object" will have suddenly disappeared after another jump at some point, and will be replaced by a proper rendered Nebula again.
To verify that the Object isn't outside the Galaxy, use the GalMap, setup proper orientation and verify it by zooming way out.