Is Masked material supposed to render as Translucent?

When I try to create a Masked material - pixel alpha values above the clip threshold are rendered as translucent instead of opaque.

The documentation states:
“Masked BlendMode only has pixels that are completely opaque or completely transparent”

But that is not what I am seeing in 4.27.2:

When using the forward renderer with MSAA it will use Alpha to Coverage for masked materials which provides (if I recall correctly) 3 steps of translucency. The main benefit of this is that you can use the extra steps of translucency to antialias foliage and other masked materials.

Ben Golus did a great write-up of the feature and how to use it for antialiasing: Anti-aliased Alpha Test: The Esoteric Alpha To Coverage | by Ben Golus | Medium

Yup, just got a reply pointing to the same from the Unreal Slackers discord - Unfortunately I’m not using it for foliage, but just doing a bit of math can make it work more like what I was expecting.