Different alpha blending results when using a WidgetComponent in World space vs Screen space.

Using UE 5.4.2.

I’m finding that alpha blending for widgets seems to be working differently when rendering in the world vs rendering to the screen.

In these example images there are black or white Image widgets with various RenderOpacity values. Both screenshots are rendered using a WidgetComponent, the only difference is whether the “Space” property is set to “Screen” or “World”. Both screenshots were taken in PIE in unlit mode (F2).

Screen Space:

World Space:

The “Screen Space” version matches what I see in the widget editor.

I get the same result regardless of whether the alpha comes from RenderOpacity, ColorAndOpacity, Tint, or even the most basic UI material with Opacity set.

Any ideas what might be causing this an how I might be able to get the World result to match the Screen result?