You should really try both. Try the asset first and then if that does not work, go ahead and try migrating the whole project, as that has been successful for many users recently who have seen corruptions in assets/projects.
What you might do before you migrate, just to make sure there aren’t any instances of the bad asset hanging around is this:
Delete from your Engine folder: DDC
Delete from your Project folder:
Intermediate, Saved, Binary and DDC
Restart your computer.
Then try the migrations. It will take much longer for shaders to compile this time, so hang in there. Let us know how it turns out!