The distance field materials do not work on a High Poly mesh.
Found in 4.19 CL# 4033788, 4.20 CL# 4369336, 4.21 CL# 4753647, 4.22 CL# 6063286, 4.23 CL# 6398642
Results:
The high-poly mesh will be all white and unaffected by the meshes placed on it while the default plane is what is expected
Expected:
Both would look the same
There's no existing public thread on this issue, so head over to Questions & Answers just mention UE-74587 in the post.