Max Draw Distances different in PIE versus Standalone

The Max Draw Distance setting culling meshes at incorrect distances during PIE relative to Standalone/New Editor Window.

I was unable to reproduce this in a new blank project using a single cube mesh, but the project provided by the user has a few merged meshes and are a bit larger than the standalone cube which reproduces the issue.

Regression?
Yes, this issue does not occur in 4.14.3-3249277 binary release.

1. Open attached project (4.14.3).
2. PIE and Play in Standalone
3. Observe how the meshes cull at their respective distances.
4. Open a copy of project.
5. PIE and Play in Standalone.

Outcome Meshes cull at much closer distances in PIE than in Standalone.

Expected PIE and Standalone have identical cull distances.