If directional light has Dynamic cascaded shadows enabled foliage looks correct!
But if I disable cascaded shadows and rely completely on ray traced shadows “Two Sided Foliage” shading model doesnt work correctly?
Cascaded shadows on the left and ray trace on the right:
I have been tracking down your issue and can see that the Cascaded shadows are producing a slightly better transmission mask for the two sided foliage than the Distance Field Soft Shadows. I was in the process of testing this internally and have noted a marked improvement in the rendering of this shader model internally. Our engineers have already found and improved on this particular limitation. The improvements should be coming with the next major engine release, in the meantime, I would suggest upping your distance resolution in the Static Mesh Editor (not much) but a little can help get the edge details which appears to be your biggest problem above.