FSoftObjectPathCustomization and SPropertyEditorAsset do not support multiple actor classes in the AllowedClasses list.
The ObjectClass is only set in FSoftObjectPathCustomization if there is only one AllowedClass which is derived from Actor. Otherwise it assumes that the object path references an asset.
The code should instead attempt to check if all AllowedClasses are actors.
Alternate Repro
Result
The dropdown is empty
Expected
The dropdown populates with the allowed classes. Point and spot lights for the first repro, materials and textures for the second.
There's no existing public thread on this issue, so head over to Questions & Answers just mention UE-76971 in the post.