Someone else may know a better way to do it, but I was curious, so I did a quick google search and found this on the NI forums.
I downloaded the "Menu_demo2_vi" and made a couple of modifications to the event structure - adding some "Mouse Enter" and "Mouse Leave" events to the event case that toggles visibility.
I don't consider this to be a very streamlined solution and would opt for something better if available. But, it's at least proof that the behavior can be emulated in LabVIEW somehow.
(Attached file is in LabVIEW 2020)
Menu_demo3..vi