it would basically be a viewport texture 'displaced' by a UV translated/animated normal map or bump map(noise) to emulate refraction through the medium of heated air/gas.
This is for unity but it should give you an idea:
https://lindenreidblog.com/2018/03/05/heat-distortion-shader-tutorial/
and heres a godot reddit topic from 7(!!) years ago where in one of the replies you can find a shadergraph for this effect, it's old, sure but shadergraph should still work the same so it might work for you too.