FWIW, I'm seeing the same behavior. I have a UE5.0 build via the launcher and Houdini Engine v2 installed via the package that came with Houdini 19.0.584 daily build. Very odd.
EDIT: Just tried with latest production build of 19.0.589 install and matching engine plug-in. Same behavior.
EDIT2: I believe, at least in my case, it is related to the World Partition System in UE5. I'm using a default Third Person Template for my testing. IN that map, my HDA geo disappears during both 'sim' and 'pie' but is visible in editor. By default, that map has 2 world partition actors in there ("WordlDataLayers-1" and "WordlParitionMiniMap"). Don't know that they are the problem but they were a clue I could at least test against.
When I spin up a new map (CTRL-N) and simply select "basic", that map does not have the 2 World Partition actors, uses the old streaming level system and my HDA geo is visible in gameplay. Don't know if this is the same as what you are experiencing but it may be worth checking the level set up.
Looks like I'll be reading a bit more about World Partition later tonight.