Can't disable collision on landscapes

Disabling collision on a Landscape doesn't work when using the Collision Preset 'NoCollision'. The Landscape still generates collision on Static and Skeletal meshes.

1. In any project, create a new level
2. Using the Landscape tool, make a landscape
3. Select the Landscape in the viewport and set its Collision Presets to 'NoCollision'
4. Place a cube above the landscape and press play or add a Character

Result: Cube or Character doesn't fall through the Landscape

Expected: Cube or Character falls through the Landscape