Disabling replicate physics on client increases player client speed

When I disable ReplicateMovement on the player character on the client during run time, his speed increases substantially for no apparent reason.

Steps to reproduce (4.23)
#1) Create default FPS template (BP)
#2) Add input for ‘E’ key in character that calls SetReplicateMovement(false)
#3) Increase player count to 2
#4) Start game and press ‘E’ on the client instance. Speed should increase for unknown reason.

You can also have 1 player and a dedicated server and the problem still occurs.