same shader in different project, but looks different why ?

[ClockworkOcean]

Have you turned on forward rendering in the project settings? It could be related to this

Is Masked material supposed to render as Translucent?

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