Setting overlay's visiblility to 'Visible' has no effect in Standalone netmode

I have a HUD widget looking like this:

I’m controlling the visibility of the PlayerControlsOverlay through code. A BlueprintImplementable event is called and leads to this code inside the widget:

The whole code gets executed. The print statements print ‘Hidden’ and then ‘Visible’. I still cannot see the overlay. This only happens in Standalone mode. When playing as a client everything works perfectly fine.

I would truly appreciate some help with this. Thanks for your time in advance!

Note: I’m using unreal engine source code version 5.3.2.