You can add a scalar parameter to your material and subtract the value of this scalar parameter from the Time’s value.
You can set this scalar parameter outside when some event is triggered or something else happened.
Ignore Pause means that time will continue running even if the game is paused.
For example:
Here on impact event blueprint sets scalar parameter to what the GetRealTimeSeconds returns which corresponds to the time of impact, this time is subtracted in material from material’s time which ultimately makes material time’s starts at zero on impact.
I know it is a little bit too late, but maybe it will help someone coming from google.