"UPrimitiveComponent::bStaticWhenNotMoveable"'s category is set to Lighting, not Physics. This causes it to be hidden when lighting-related properties are hidden, even though it controls physics state creation. This is also the case on //UE5/Main, CL: 47305925, the latest revision of the file.
1. Open PrimitiveComponent.h
2. Find the member variable "bStaticWhenNotMoveable"
3. Examine its usage and its comment
4. Observe that it affects Physics body creation
5. Observe that the category is "Lighting", not "Physics"
There's no existing public thread on this issue, so head over to Questions & Answers just mention UE-350463 in the post.