Switching materials vs switching textures

I’m working with someone who doesn’t have a lot of unreal dev experience and the question came up recently about switching materials on an object. Imagine a computer console that has the typical startrek touch control texture on it. The console needs to switch from the button layout to a giant warning texture. I’ve always been of the mind that you have one material instance and just switch out the textures. My colleague created two material instances and swaps those out instead. They’re instances that share the same parent with the same exact parameters. I’m wondering, what is the difference? Is one better than the other?