Blueprint Billboard Components render Opaque in Editor but Translucent during PIE

Billboard components render translucent during play, but render opaque within the editor. Simply adding a billboard as a component to a new actor blueprint and placing it in the level will reproduce the issue.

Issue occurs in 4.9.2, 4.10.2, and 4.11 preview 4 releases

1. Open attached project
2. Press PIE
3. Observe differences between viewport and play mode.

Expected: The billboard component renders the same during play as it does within the editor.

Outcome: The billboard component renders translucent instead of opaque.