How to use the Bake Out Materials tool?

Is there an introduction to the Bake Out Materials tool? After upgrading the engine version to 5.4, the baked results are not found. I don’t know how to get the results of the texture.

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This, I just tried it and where the heck did it go?

I looked through ALL my textures but couldn’t find it in the project…

doing this in 5.3 and cannot see to find the output… doesn’t even give you a path to place it:

EDIT: I figured it out. The first time it wasn’t populating anything in the asset, but closing/reopening helps.

Once you bake it swaps in the material here:

Then you double-click to open the generated material and therein the textures. Save-as from there, otherwise it seems Unreal hides the things…

I have no idea where my baked materials go after baking.

It sticks them in a non-intuitive place, use the browse button on the material-slot to find it.

When you open the baked material/texture, you need to go File > Save As > give it a shorter name. And it will show.
If I remember correctly, Unreal doesn’t show the baked out materials & textures because the file name is too long..
And then of course you need to somehow delete the original baked out materials too to clean this up. Don’t really know how since its hidden in Content Browser. It’s quite sad, this still happen in UE5.5