Bug? Particles and translucent plane

Hi. I found a strange behavior when rendering particles falling over plane shape with translucent material. Image shows the starting situation - very simple GPU sprite particle emitter with particles falling on a plane mesh with exactly default material (brand new material with no nodes and no changes to the default).

This is OK. But then I just change Blend Mode of material to translucent, and apply changes. After shader recompiles, i see this:

Position of neither particle system nor plane changed, but now plane is rendered always on top of particles, regardles of their position. If I move around with viewport, then in some angles particles start to be rendered normally.

I’d like to ask if this is a bug, or am I making some obvious mistake somewhere?