It’s still there… you have to log in to see it. Still actively getting updates too.
I’m not sure materials will ever be fully supported. Blender’s material system revolves around mixing BSDF shaders, which Unreal has no concept of. Extremely simple materials might be doable. There have been a few commits to UE5’s github for a new material type called “strata” which appears to be some kind of a layered BSDF system… so maybe in the future?