It is the only straightforward option due to the nature of the depth buffer. Unreal only draws the nearest pixel of opaque objects to avoid drawing unnecessary stuff. In theory you can make a multi layered rendering system so that some obscured triangles exist and are theoretically accessible. I’ve seen this done in a custom rendering engine to make (mostly) artifact free motion blur for a research paper. It would take significant engine modifications and require an additional gbuffer for each layer you want to access. Not sure if it’d be real time viable and it would be a lot of work to find out.
Translucent on the other hand is by its nature rendered separately and composited on top.
So in other words, yes I think your idea would work on a theoretical level, but I don’t see it working on a practical level. And fast enough dis-occlusion would still cause artifacts once you run out of padding.