UE4.26 - Translucent material on top of another, causes the one on top not to show, why?

There’s other stuff to consider.
For water specifically the engine based shader that was added in .24 or something similar is actually better than most of the community ocean project stuff / runs slightly faster (or it used to in .25).

The issue you ware having is for meshes, so I’d wager glass.

Shouldn’t mix the 2 in the same topic even if the solutions for one can definitely apply to the other.

Glass is usually better off transparent.
Water. depends on the scene.
Turning off transparency with LODs can also be a good idea (different material on the LOD).
If you make your own tiling water mesh - that becomes possible.

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