Tested in 4.19, 4.20 Preview, and 4.21 Main. 

Per User:

Lack of the ability to tune-up the Exposure Compensation makes the scene lighting look visually incorrect, especially in fully baked environments like Architectural visualization...

On aside note, but this is relatively the same case: is Crush Highlights (or anything that replaces it) Post Processing setting going to be ever adopted in the LDR mode? This is also important, even if Exposure Compensation going the work the same way as in UE 4.18 and below, without Crush Highlights artifical lights (such as Emissive static) in enclosed environments would produce burned results.

Steps to Reproduce
  1. Disable Mobile HDR in Project Settings > Engine > Rendering > Mobile
  2. Switch to Mobile Preview, PIE
  3. Try to change Exposure Compensation in PP Volume

Result: There is no effect 

Expected: Adjusting 'Exposure Compensation' will have visible effect just like 'Exposure Bias' did before 4.19. See attached Screenshots

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By Design
ComponentPlatform - Mobile
Affects Versions4.
Target Fix4.23
CreatedJul 2, 2018
ResolvedJun 19, 2019
UpdatedSep 16, 2019