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…