DBuffer Decals render on top of HISM

DBuffer Decals are rendering on top of Hierarchical Instanced Static Meshes despite being placed in the world behind the meshes.

Also Reproduced in Main CL-2646357 and Releases 4.9 CL-2641818

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Quick Repro - Open Attached Project

1. Open a Blank Project with No Starter Content
2. In Project Settings >> Rendering >> Lighting, Enable DBuffer Decals
3. In Project Settings >> Rendering >> Optimizations, Enable Movables in early Z-pass
4. In Project Settings >> Rendering >> Opitimizations, Set Early Z-pass to Opaque and Masked Meshes
5. Create a New Blueprint Actor, called BP_HISM
6. In BP_HISM, add a Hierarchical Instanced Static Mesh Component
7. In the HISM Component, assign the Cube (in Engine Content) as the Static Mesh
8. Add at least one instance in the HISM Component
9. Place BP_HISM in the level
10. Create a DBuffer Decal
11. Place the DBuffer Decal in the level behind BP_HISM projecting on the platform

RESULTS: Decal renders on Platform and on BP_HISM

EXPECTED: Decal renders on Platform not on BP_HISM