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Previewing nodes in the Material Editor is still broken (has been since 4.8 P1). Create a node in the editor, right-click and preview it. The node will turn blue but the Previewing text won’t show up. Now stop previewing that node, the previewing text will show up and stay there until you create a new node and force the graph to refresh.
Easy to reproduce and I have an answerhub report here: [Repro] [4.8] Material Graph Doesn't Refresh Inputs Until A New Node SI - Asset Creation - Epic Developer Community Forums
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Hi -
I entered a new bug report for this issue, UE-19413. And it seems this is not an issue if you toggle the preview arrows on the nodes, if they are expanded downward while previewing the label will remain, but if they are not then you should never see the Previewing tag at all just the Node color change. If these do happen for you, toggling those arrows will eliminate the previewing tag as well.
Thank You -
Ketchum