PerInstanceFadeAmount doesn't work w/Nanite; can someone confirm this behavior? Is this a bug?

Development Rendering
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From here: UE5 / nanite foliage culling, how to get rid of? - #6 by mguisado

r.Raytracing.Geometry.InstancedStaticMeshes.Culling 0
make sure ‘preserve area’ is enabled as well.