SetStaticMesh does not replicate

Using OnRep_StaticMesh() in code or using the Set Static Mesh node does not replicate across server/client in game.

1. Open UE4Editor (any project)
2. Create new blueprint based on Actor
3. Add Static Mesh Component and set to Cube
4. In event graph add Key press Even (F key)
5. Add reference to Static Mesh component
6. Drag off from SM ref node to create a Set Static Mesh node (Leave New Mesh pin as "Select Mesh")
7. Wire F key event node to Set Static Mesh node
8. In BP defaults, set actor to replicate and set Auto Receive Input to Player 0.
9 Add instance of BP to the level and PIE

Result:
Pressing F on either server / client will remove the mesh on that one but will not affect the other.

Expected: Changing what mesh is set updates across clients and server.