Translucent Unlit material compiles silently long after Compiling Shaders is finished (blank project)

Hi,

I’ve created a blank project in 4.10.1 and created a Translucent, Unlit material. I plugged 1 into Emissive and Opacity. When I press compile, Compiling Shaders appears so briefly as to not be noticed, but in game the the material remains the default grey grid for several seconds before appearing compiled.

In my own project, this delay after Compiling Shaders finishes is about 30 seconds even for a dead simple material. I want to know if this is a UI bug or if it’s getting hung up on something unnecessary. I don’t think this delay has ever been this bad.

Thanks,
Stu