It does! Bellow you will find the transparent material I have placed into two spheres as to simulate a sort of glass (sorry, did it quickly and with no references), being one sphere with refraction enabled and the other without it, showing the cloudy region where the two spheres are and the behavior for each one. All done for 4.16.3 so it will also work for 4.17. By the way Im quite confident as for the engine matter I can put it to work as far as 4.13.x, since for submission UE4 Marketplace want the current and the following lowest, I might cut a deal to transform it to previous versions if needed.
video at : https://youtube.com/watch?v=CVpJElXwXis
I hope it translates to what you wish to see, otherwise could you post the material you want me to try at?
o/