UE5.5 texture encoding/sRGB issue

I attached a zip with 4 screenshots of changing setups on the T_Quinn_01_CCRCCPlastic_MSK texture.

I tried :

Unchanged (Linear)

SRGB

SRGB + source encoding = Linear

In all 3 cases I saw zero difference in the 3d view.

I also set the texture to black just to see what the effect is on the 3d view if this texture is wiped out completely, and you can see the effect of that.