This issue occurs with the Additive and Alpha Holdout settings.

Steps to Reproduce
  1. Create materials with Blend Mode settings such as Additive
  2. Add Material Image to UMG and Add to Viewport
  3. Launch Game
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    Enable HDR and launch
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Attached the repro project.
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HDR can be enabled by adding "r.allowhdr=1" to the engine's ConsoleVariables.ini.
For reproduction projects, you can change the HDR settings with the 1 and 2 keys.
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ComponentUE - Graphics Features
Affects Versions4.275.0
Target Fix5.5
CreatedJan 27, 2022
UpdatedFeb 16, 2024