In the latest version of UE5, this button seems to do nothing 90% of the time. Browsing to selected asset works, but if I then change to the asset I actually want to use and click “Use Selected Asset from Content Browser”, it does nothing. I’m able to drag and drop that asset onto the field just fine, so it’s not like it’s not compatible.
I recently started experiencing this. Here’s my solution:
I’ve found that it happens when you use the “Browse to ‘[x]’ in Content Browser” button first thing after opening the project. However, if you open your project, select the asset in the level, and then manually navigate the Content Browser and select the item you want to swap in, you can then click the “Use Selected Asset from Content Browser” and it should work as expected. Not only that, but after you do that you can use the “Browse to ‘[x]’ in Content Browser” button like normal.
Another thing that works for me is dragging an asset from the Content Browser into the level first thing after opening the project.