This function is insanely helpful in max so its infuriating not to have in ue4. The chosen object is visible in the viewport but is unselectable unless selected in the outliner.
you’re right, i think its missing.
but you can use the levels as layer system and achive the same effect. there you can lock your level.
just go to levels, create new or add exisiting move your actor to the level and lock it.
That’s a good work around, thanks for the tip 
Here is the original feature request from 2014:
I still don’t think this has been properly implemented, unless Google is giving me really bad results.
I did not know that feature but it’s actually brilliant!
Came here to thank you for sharing! Works perfectly!
If it is still relevant for someone, I have made a free plugin that lets you lock actors, but it will also prevent actor from selecting in World Outliner. I will add this improve to my plugin TODO list, so you can configure such stuff in Editor settings
You can check my answer here.
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