I’ll try to do my best to explain this for recreation. So I’ve dropped a static mesh into my sequencer window. I’ve exposed/tracked the static mesh component and then the material changer element. From there, I have the the new material selected. I then dropped those meshes into a folder. When I went to look in the folder I can still see the static meshes but I’ve lost the static mesh component and the material changer track. So all I see is the static mesh. If I try to re-add the track nothing happens. The correct material is there so I think it’s still applying the changes but I have no way to adjust it now. I believe this to be a bug.