Is it possible to use material inputs to set instance parameters?

Let’s say I have a material Parent which exposes a Base Color vector parameter. I can make an instance
of Parent called FixedColor which provides a fixed color for the Base Color parameter. I’d like to also create an instance of Parent called VertexColor which uses the colors of the mesh’s vertices as the Base Color parameter. Is this possible? Do I need to create a Material Instance Dynamic in order to get this?