Draw Brush Polys setting does not display translucent Material

The Draw Brush Polys setting does not display translucent Material in versions 4.17 and higher, instead, checking the option appears to do nothing. This issue does not occur in 4.16.3, this issue is labeled as a regression.

Versions Tested:
4.16.3 - CL: 3561208 - Issue does not occur
4.17.2 - CL: 3658906 - Issue occurs
4.18P4 - CL: 3685441 - Issue occurs

4.21.2 - CL4753647 - Issue does not occur

4.22.1 - CL6063286 - Issue occurs

1. create a new project (no template or starter content needed)
2. Under settings in the toolbar at the top of the viewport navigate to Previewing and check the box for "Draw Brush Polys"
3. Add a Post-process volume to the level
4. Select the post process volume so it is highlighted
   Result: The post process volume will not display the translucent material the setting supposed to enable
   Expected Result: The Translucent material displays