The hybrid attribute is a Python function that invokes when it's called. So it doesn't make sense for it to be a column property since there is no attribute to be populated. "Undeferred" also doesn't make any sense because the hybrid already calls a local in-Python function when accessed at the instance level, not a database call.
A traditional column_property() can be deferred or undeterred, and when called at the instance level will emit SQL to the database.
If you have an attribute that should only populate via SQL, then you need to just use a column_property().