Player/Visibility Collision Doesn't Work with InstancedStaticMesh

Player/Visibility Collision doesn't work with InstancedStaticMesh or HierarchiInstancedStaticMesh components. 

Found in 4.19 CL# 4033788, 4.20 CL# 4212847, 4.21 CL# 4221482

1. Open the editor
2. Create a blueprint actor
3. Add a "InstanceStaticMesh" component and assign any mesh to it
4. In the construction script add an instance
5. Compile and Save the actor
6. Place the actor in the level 
7. Set the view mode to Player Collision or Visibility Collision

Results:
The actor will be unaffected by the view modes

Expected:
They would work with the viewmodes