In the H_C beta 5.0.0.1 the "Run As SmartScreen" feature is replaced by "Install By SmartScreen". It is designed to run only the standalone installers/updaters.
Furthermore, in the Recommended Settings, the "Install By SmartScreen" does not force Administrative rights (can be used also on SUA). "Install By SmartScreen" does not run the executable from its location, but first copy it to the random temporary folder and next run the copy from there (the temporary folders are deleted). This prevents DLL hijacking, but usually, it can work only for the standalone installers/updaters.
So,
@Nautilus will be able to use "Install By SmartScreen" to run "Patch My Pc", but running already installed applications (except portable ones) via "Install By SmartScreen" will usually fail.
To run the STWOR game, @Freki will have to use "Run As Administrator" from the Explorer context menu or whitelist the STWOR game folder.
Edit.
I do not think that DLL hijacking can be dangerous for home users because detecting DLL hijacking is an easy task for most AVs supported by the cloud. It can be sometimes used in the archives delivered via spam attachments or via infected flash drives.
There are many application installers that have DLL hijacking vulnerability, but normally it would be hard to infect the computer in this way, especially when using "Install By SmartScreen".