Using EditInstanceOnly specifier on ActorComponent appears in actor blueprint

When a property added to an ActorComponent class uses the specifier EditInstanceOnly, the property is editable inside a blueprint with the component rather than only showing up when selecting an instance of the actor in the viewport.

1. Open UE4 Editor (any project)
2. Add code to project based on ActorComponent (MyActorComp)
3. Add the following to MyActorComp.h:

   UPROPERTY(EditInstanceOnly, Category = InstanceOnly)
   	float InstanceOnlyProp;
   

4. Compile
5. In the editor, create blueprint based on Actor (MyActorBP)
6. Add My Actor Comp to MyActorBP
7. Select My Actor Comp

Result:
InstanceOnlyProp appears in details panel when component is selected

Expected:
InstanceOnlyProp only appears when selecting an instance of the actor in the level viewport.