Bind Cloth to Master Pose Component is not copying the sim buffer to the target skeletal meshes.
Take a skeletal mesh with cloth painted.
Set Master Pose Component on it. Take a copy of that skeletal mesh and make it a target.
use "Bind Cloth to Master Pose Component" on the target.
They should deform exactly the same, but they do not.
There's no existing public thread on this issue, so head over to Questions & Answers just mention UE-91674 in the post.