UE 5.5 Importing FBX - Can't set material properties (no "Create New Instanced Materials")

Edit: I’m gathering the answer is just The New import system breaks a lot of things and frustrates a lot of people but hopefully there’s a different answer or workaround…

Importing an FBX, having it create an instanced material based on a base material

In 5.5, I can’t actually set the material properties up correctly - they don’t even show up.

I tried the exact same fbx importing to 5.4 with the same base material and they show up fine. There is no longer an option for “Create New Instanced Material”

First image is 5.4 with the properties
second is 5.5 – nothingn there
What am I doing wrong, here?

And then here it is in 5.5 without the same options

Importing FBX - Can’t set material properties (no “Create New Instanced Materials”)