A.T. said:
I don't understand why the actual radial distance (not Schwarzschild coordiante) is less of an invariant geometric feature
One way to say it is, as I've already said, that the radial distance between two 2-spheres of given areas depends on how you slice spacetime up into space and time.
Another way to say it is that, as I said before, the spacetime has spherical symmetry. That means the 2-spheres are submanifolds formed from orbits of the 3 spacelike Killing vector fields associated with spherical symmetry. There is no radial Killing vector field in this spacetime.
If that's still too abstract, consider this hypothetical scenario: we have a compact object that is emitting radiation. To make the effect I'll describe as pronounced as possible, this object will be at the very limit of compactness allowed for a static object: the radius of its surface will be 9/8 of the Schwarzschild radius associated with its mass. It emits spherically symmetric radiation with some total luminosity ##L##. Then it is simple to show that the flux of this radiation does not obey the inverse square law if we use actual radial distance.
The emitted flux of radiation is just ##L## divided by the area of a 2-sphere at radial coordinate ##(9/8) r_s##, where ##r_s## is the Schwarzschild radius. To make things simple, we will scale everything so that ##r_s = 1##. Then the emitted flux is ##F_e = L / 4 \pi r_e^2 = 16 L / 81 \pi##.
At any 2-sphere at a larger radial coordinate, the flux will be ##L## divided by the area of that 2-sphere; so the flux declines as the inverse square of the radial coordinate. So, for example, at ##r = 9/4##, twice the radial coordinate of the surface, the flux will be 1/4 of the above value: ##F_o = L / 4 \pi r_o^2 = 4 L / 81 \pi##.
However, the actual radial distance between these two 2-spheres is considerably larger than ##r_o - r_e = 9/8##. The radial distance is given by
$$
D = \int_{r_e}^{r_o} \sqrt{\frac{r}{r - 1}} dr = \sqrt{r ( r - 1 )} + \ln \left( \sqrt{r} + \sqrt{r - 1} \right) \bigg|_{r_e}^{r_o}
$$
where we have plugged in ##r_s = 1##. Evaluating this for ##r_e = 9/8## and ##r_o = 9/4## gives ##D \approx 1.918##, as compared with ##r_o - r_e = 1.125##. So the flux declines with actual radial distance more slowly than the inverse square. Since the flux is total luminosity divided by surface area, it gives a physical realization of the spherical symmetry, i.e., of the fact that the 2-spheres and their areas are the "right" things to use as references.
A.T. said:
If the effects of curvature are only radial and not tangential
I didn't say they were. I only said the "non-Euclideanness" of space is described as radial distances being different from the Euclidean expectation. That's by no means the only effect of spacetime curvature.