Both HLOD and StaticMesh Visible in Play Modes.
Found in 4.23 CL# 8386587 and 4.25 CL# 8569829
Results:
Both the StaticMesh and the HLOD are visible
Expected:
Only the HLOD would be visible
There's no existing public thread on this issue, so head over to Questions & Answers just mention UE-80254 in the post.