Material Creation is arguably better overall in unreal though it does mix some key features.
Maybe better as in a nicer interface with lots of options - compared to our aging Slate, but I tried to create a simple material double sided for a nice leaf shader, following multiple video tutorials, and after an hour of trying I couldn't do it. It just didn't work as it should. Maybe it doesn't work well in Unreal 5 ? The reflection or even specular did not work properly, same with translucency.
No to mention stupid parts like - needing to constantly press Apply or Save in order to show the changes on the model ? That's worse than in 3ds max or 2007 cryengine.
I also tried both Lumen and Raytracing, even though people said that ray tracing doesn't work in Unreal 5, I managed to make it work, after jumping through a lot of hoops. Real-time raytracing looks nice, with raytraced AO instead of of Screen-space AO but somehow it doesn't look correct. It looks better than a normal video game lighting solution, but not correct. Same with the Lumen.
Also for a much lauded program which aims at environment creation it seems it missing some basic things. For example in 3ds max and cryengine you can just select an object, go 1 kilometer away on that other mountain and press a key and the selected object will "teleport" and snap to where you clicked the mouse. Unreal seems it doesn't have this functionality.
You can probably get nice results with Unreal, but you will probably have to fight with the program a lot and have to learn a lot of new things.