Billboards not displaying in PIE or Standalone game with Orthographic Camera

When placing a billboard in a level (via a blueprint) with an orthographic camera, the billboard will not be rendered unless a significant distance in front of camera, comparing 4.61 project with the billboard set at 0,-80cm,0 and the same project in 4.7.3 and 4.8 at 0,-17m,0

Also reproduced in Main Promotable-CL-2487422

Comparison in Editor 4.6.1 and Main

[Image Removed]

Comparison PIE 4.6.1 and Main

[Image Removed]

1. Open a Blank 2D SideScroller Project with No Starter Content
2. Import attached BKGDSprite.tga
3. Create a New Actor Blueprint calling it BP_BKGD
4. In BP_BKGD, add BKGDSprite as a Billboard component
5. Uncheck Hidden in Game under Rendering
6. In the Level Viewport, delete the Background_Sprite
7. Add the BP_BKGD into Level at Location (0, -80cm, 10m)
8. PIE
9. Back in Editor, Move the BP_BKGD to Location (0,-5.4m,10m)
10. PIE

RESULTS: First PIE, nothing renders, Second PIE Billboard appears

EXPECTED: Either PIE should display the Billboard