Setting Material Usage Flags

Is there any way to use Python to set a material’s usage properties? I’m creating a material with

AssetTools.create_asset("MasterMtl", mtl_folder, unreal.Material, unreal.MaterialFactoryNew())

but trying to apply it to a static mesh throws

Warning: Invalid material [null] used on Nanite static mesh [cube_diorama_Volume] - forcing default material instead.

Looking through the API, I see the attribute used_with_nanite but I can’t directly set it since it’s read-only.