Material Billboard Renders Incorrectly In Splitscreen

In splitscreen, Material node SphereMask causes Material Billboard to only be visible to first player's viewport.
 
Found in 4.22 CL# 7053642, 4.23 CL# 8386587, 4.24 CL# 8557439
 

1. Open attached project
2. Play in Editor
3. Use WASD to move to where the second player can see player one
4. Left click to fire the projectile that uses the material billboard
5. Look away from the projectile

Results;
The material billboard will be render incorrectly as soon as player one looks away 

Expected:
The material would render as expected regardless of if player one can see it.