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.
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.