Steps to Reproduce
  1. Create a new Material Layer asset
  2. Add a vector parameter to that asset and have it output to the Base Color input of the Set Material Attributes node in there.
  3. Create a new Material, set it to Use Material Attributes
  4. In the material, create a Material Attribute Layers node, and set the created material layer as the background layer.
  5. Create a Material Instance of your material
  6. Open the MI you created, and go over to the Layer Parameters Tab
  7. Expand the Background layer.
  8. Go back to your Material Layer Asset, and change the Channel Names on the vector param for R, G, and B to "A", "B", and "C" respectively. 
  9. Look over at the material layer in the Layer Parameters tab and observe that the names of the channels have not changed.

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There's no existing public thread on this issue, so head over to Questions & Answers just mention UE-176334 in the post.

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ComponentUE - Rendering - Materials
Affects Versions5.2
CreatedFeb 7, 2023
UpdatedFeb 13, 2023