Using ArcGIS Earth 2.2, the transparency can be adjusted on an ArcGIS Online Feature Service Layer (line geometry) from the Symbology menu. The symbol transparency can be adjusted as well, so a double transparency can be applied.

But when I try to do the same from an ArcGIS Online Web Map that uses this Feature Service, the layer transparency tool doesn’t work, and only the symbol transparency can be used.

P.S.: Please note in the GIF above that the layer transparency does work for a point geometry layer that is in the same Web Map (and same Feature Service). I don’t know if this difference in layer transparency comes from the geometry (point VS line) or in the Symbol Type (Single Symbol VS Unique Symbols).

Thank you!