I can verify that the issue described by wpuzer and bldspark still exists. I have done a full conflict test. If a different page is selected in “Settings” for the login page, the problem goes away. The workaround therefore is to create another page with the login shortcode, and to exclude the official login page from the menu using “Exclude Pages” plugin. Then the ‘Content accessible to Logged Out Users’ function works as expected.
This topic was marked “resolved” because it doesn’t directly pertain to the issue highlighted by wpuzer and bldspark. I will start another topic and redirect it here for UM Support to take a look.