I though you had something there, cause when I removed the checkbox (auto destroy) the first time I get the effect it gets removed properly after my 2sec duration, regarless of my period time.
I can see the Actor is still attached to the player, but inactive . However the second time I apply the effect it will play endlessly and never gets disabled again.
I had a barebone c++ ability system in place, so I figured I should try with Lyra example, but I have exactly the same behavior.