Material Parameter Collection Values not Updating in Simulate if "Run Dedicated Server" is Checked

Material Parameter Collection Values not Updating if "Run Deadicated Server" is Checked

Working as expected in 4.21 CL# 4753647

Found in 4.22 CL# 7053642, 4.23 Preview 1 CL# 7236301, and 4.24 CL# 7248230

This is a regression

1. Open attached project
2. Open "TestLevel"
3. Check "Run Dedicated Server" in the play options
4. Simulate

Result:
The material on the sphere will not update correctly with the dedicated server enabled

Expected:
Material would change as expected