With AllowSelectTranslucent off, translucent objects are expected to have no effect on the selection process, however the editor's click location continues to reflect their impact.
Expected: The editor click location reflects the selected actor.
Result: The non-translucent actor is selected, but the click location reflects the translucent actor.
There's no existing public thread on this issue, so head over to Questions & Answers just mention UE-70174 in the post.