Ignore Depth only works with a Alpha layer

[StrandedPasta]

Release Type: Official Release

Version: 4.2.0.2232

Platform(s): Windows? It is a problem in the Editor.

Describe the bug
The bug works like this, when you use the "Ignore Depth" in the settings of a sprite, it makes the sprite disappear instead of doing what it was suppose to do. As far as I know, this only works if the image doesn't have an alpha channel. If you punch a hole in the image into a alpha channel, it works fine with no issues.

To Reproduce
Steps to reproduce the behavior:

1. Get a Sprite without an alpha channel.
2. Set sprite into world, rather onto the camera or onto a wall.
3. Press the "Ignore Depth" option
4. Done

Expected behavior
What it is suppose to do is set the sprite at the top of all other objects. So that when you look at its direction, or use it as a HUD, you only see it and no other world object behind it.

Screenshots
(Top with Alpha, Bottom without)