Is it ok to use a lot of static bool/switch parameters?

Yes that’s correct. The static bools are handy to create multi-faceted materials - but each time you change those bools Unreal has to create a unique shader for each combination.

Having a lot of shaders in itself isn’t going to take up a lot of memory, they’re only small so in a way it’s not overly bad - it’s the textures themselves that use up the VRAM.