This bug has different behavior depending on the engine version. When tested in 4.19 Preview 4, the 1M_Cube meshes do not render in the standalone/built game. In 4.20, the meshes render but some meshes are not immediately removed upon overlap.
Tested in 4.18.3 CL 3832480, 4.19.P4 CL 3873914 and 4.20 Main
Sample project attached
Result: In editor, the meshes painted in the level are removed when the sphere trace overlaps them. However, in packaged or standalone game, these meshes do not render at all. MultiSphereTraceByChannel still detects meshes.
Expected: Meshes should render in both editor and standalone/packaged game and be removed immediately when the MultiSphereTraceByChannel overlaps them
There's no existing public thread on this issue, so head over toAnswerHub just mention UE-55092 in the post.