See the licensee discussion for details discussed with [Link Removed]
Download the repro from here - [https://drive.google.com/file/d/1es_ELR7jzwnw6qeH39fVpJj89seoVd8O/view?usp=sharing
View the scene from the players angle (hit play) and take a renderdoc capture of the scene. Check the PrePass for the objects being drawn.
The front cube is set with bUseAsOccluder to "off". The red cube behind it is still occluded in the scene despite not being directly visible from that angle.
There's no existing public thread on this issue, so head over to AnswerHub just mention UE-116517 in the post.