Construction Script Does Not Update Parameters Of An Actor Component

The construction script does not update the parameters of the actor component.

Found in 4.19 CL# 4033788, 4.20 CL# 4369336, 4.21 Preview 1 CL# 4435822, 4.22 CL# 4470579

1. Open attached project
2. Load "ColorTestMap" 
3. Select the Cube in the scene go to the "BP_ColorComp"  and change the color

Results:
The material is applied but the cubes color does not change

Expected:
The materials color would change with the parameter