

Ah, this definitely looks like a regression. I'll have to take a look at this asap.
This sounds somewhat related to how we assign Alpha mode as observed by @echadwick-wayfair:
https://github.com/BabylonJS/Exporters/issues/598#issuecomment-526831230
I believe somewhere in our export process we override our alpha mode setting, I'll be taking a close look at this today.
Weird, I setup this test scene to reproduce this,
SimpleCubeWithTransparency.zip
I am unable to find the Babylon Attributes panel though, a quick search through the codebase wasn't very fruitful either...
@PatrickRyanMS, can you please help me find this "Babylon Attributes" panel shown in the original post?

Babylon Attributes is added to the material via MAXScript. Sample provided here;
https://doc.babylonjs.com/resources/3dsmax_to_gltf#alpha-mode
I believe Max2Babylon doesn't support OSL inputs, like you're doing with the invert node there.
And if you want to see a material preview in the viewport, check out https://help.autodesk.com/view/3DSMAX/2019/ENU/?guid=GUID-39E321E5-962B-49C2-BD05-B1FA3F48BA26
Edit: to set up exportable models which can also be rendered with Arnold or Scanline, then you should use a Shell Material. This will allow you to include invert nodes, or whatever extra nodes you want, which Max2Babylon won't support.
Max2Babylon support example: https://github.com/BabylonJS/Exporters/pull/316
Shell Material docs: https://help.autodesk.com/view/3DSMAX/2019/ENU/?guid=GUID-424F8886-D39C-433D-A7DE-8ACDBAC0869E
Thanks @echadwick-wayfair , I think I can see what's happening here.
It appears that we don't serialize the alpha transparency mode for standard materials.
I'm not sure if there's a reason why we dont, or if we ever did support it.
Looking at the exporter code, we do seem to support physical and arnold materials with the custom attributes, as they are exported as babylon's PBRMetallicRoughness which maps to gltf's material definition (Which would be imported into babylon as PBRMaterial)
I'm currently experimenting in adding these fields to our standard material definition, but just so that we can pass them to the glTF exporter.