No, it works with instances.
Here’s a picture guide:
You add the mesh or blueprint etc. then click on the + button to add a track.
Near the bottom you will see a list of all of the components. On a static mesh for example, you’ll just see the static mesh component.
Once you’ve added the mesh component, you’ll have access to its material:
At which point you’ll be able to edit the instance parameters the same as you can anywhere else.
The thing with Sequencer is since you’re not accessing the actors via code, you kind of have to go through all the various layers before you can access everything. Just keep hitting the + button and looking through the list that pops up for what you need. It would be nice if the headdings weren’t so dark 
