V-Ray 5 renders an image that is hidden (including through tags), in V-Ray 4 everything happened correctly.
It only helps to explode the image (then it gets as material in the asset editor), but it is more convenient to correct this omission.
Thank you for the feedback! The issue has been logged (SK - 3201)
In the meantime, as a workaround if you explode the entity and re-group it again, it should rendered accordingly.
A fix for this issue will make it in the next update.