Translucent Elements of an Invisible StaticMesh are Visible If Hidden Shadow is Enabled

Translucent parts of a static mesh is still visible after setting to invisible and Hidden Shadow.

Working as expected in 4.20 CL# 4369336, and 4753647

Found in 4.22 CL# 4660361 and 4.23 CL# 5762792

1. Open linked project [Link Removed]
2. Select the large Scope in the scene
3. Uncheck "Visible" and Check "Hidden Shadow"

Results:
The translucent parts of the mesh will be visible

Expected:
The shadow would appear for the mesh but not any part of the mesh