How to set a parameter to all instances of a material?

Hi, you can use Material Parameter Collections for this.

I have a mastermaterial that calculates a colour for a certain effect based on some variables that then gets used in various ways depending on the material instance’s settings - which is stupid. Instead, I would like to calculate that colour once per frame and then feed it to all of the material instances to save some performance. Is it possible to do something with blueprints that would ”Set parameter for all instances of this master material to X”?

How did I not know about this? I’ve added so much bloat to replicate something like this… Thank you so much!