Material Texture Baking adds a simple “Bake to Texture” option to the Unreal Editor, allowing you to quickly convert materials into static texture assets directly from the Content Browser.

It’s ideal for baking procedural, math-driven, or utility materials (masks, gradients, SDFs, etc.) into textures for improved performance, easier reuse, and simplified workflows without requiring meshes or complex setup.

It's an Editor only tool, you can't use it for runtime application.

If you use it on materials that dynamically change, it will use the default values to create the texture.

Since the material never exists in an object in the world for baking and there is no camera, material effects that depend on camera position or world position will get lost. Animated materials will use the first frame for baking.

You can select the texture size you want it to bake, and select what textures to bake (BaseColor, Normal, Roughness, and Metallic)

The baked textures appear in a subfolder "BakedMaterialTextures"
and they are covering the UV space from 0,0 to 1,1.

Works on materials and material Instances.

I did use something similar to Copilot for coding, but nothing more than that. It's a bit better for autocomplete than pure IntelliSense and much faster for boilerplate code.