Material Billboard Component clips with Size in Screen Space Enabled

When setting the Sprite Size to "Is in Screen Space" inside of the Add Material Billboard component, a sprite will clip and turn the screen grey.

1. Open new project
2. Add a new Actor Blueprint Class
3. Add Component > Billboard
4. Add Component Paper Sprite
5. In the Billboard > Sprite section set Size to Is in Screen Space
6. Go to Content Browser and create a new 2D sprite
7. Assign a Texture to it
8. Back in the blueprints assign the newly created sprite to the source sprite in the Paper Sprite Component
9. Compile
10. Add your BP Actor to the level
11. Press Play

Result : Clipping and the whole environment turns grey
Expected : No clipping or change in environment