I was having the same problem, very frustrating.
Easy fix: open the master material in case, disconnect anything from it, for example the Base Color node. Save. Connect it back. Save.
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Try to delete the Derived Data Cache folder!
Probalty it’s contain some broken cache for shaders.
It’s often happens when you changing unreal version for project…
Or when you have materials with same names but in different folders.
Thanks! This helped
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My pleasure, I’m glad I could help.