Unable to run UE4Editor using the -SM4 commandline argument

Attempting to run the UE4 Editor using SM4 causes an error to popup stating that "A Feature Level 5 video card is required to run to Editor. AvailableFeatureLevel = SM4, ShaderPlatform = PCD3D_SM4"

This was initially reported on Linux but it couldn't be reproduced. This is reproducible on Windows using the repro steps. Licensee was able to workaround the issue by removing the lines that were added to Engine/Source/Runtime/RHI/Private/DynamicRHI.cpp. (https://github.com/EpicGames/UnrealEngine/commit/ede472db1761e155ed7b77b3af6b22b2f83dd267#diff-07bb5f15ad03c9abf07343e376474a80R186)

This is issue occurs in 4.20.3 (CL-4369336), 4.21 (CL-4541578), and Main 4.22 (CL-4569646)

1. Navigate to your Engine installation folder (UE_4.20\Engine\Binaries\Win64)
2. Right-click on UE4Editor.exe and create a shortcut.
3. Right-click the shortcut and add -sm4 at the end of the Target
4. Open the UE4 Editor using the shortcut

Results: Error pops up stating that "A Feature Level 5 video card is required to run to Editor."

Expected: The Editor loads up without issue