Keep transparency in material without Translucency?

This is perfectly achievable within UE4 but this would be a translucent material with a mask in it, not a “masked and translucent” material.

Not a graphics programmer so take this with a grain of salt, but my understanding is “masked” materials are essentially opaque in the visible areas and so nothing behind them is rendered, as a result you can’t change the opacity because there would be nothing to show.