On a landscape actor with Nanite landscape enabled, set the bUseDynamicMaterialInstance property on a landscape proxy and setup a BP to call SetLandscapeMaterialTextureParameterValue / SetLandscapeMaterialVectorParameterValue, /SetLandscapeMaterialScalarParameterValue.
Judging by what is in the code in ALandscapeProxy::MakeAsyncNaniteBuildData, the dynamic MID will not be supported on Nanite landscape (we'd need to setup material overrides on the ULandscapeNaniteComponent for this to work).
The mobile path also doesn't seem to be supported : see FLandscapeComponentSceneProxy::FLandscapeComponentSceneProxy (//TODO: Add support for bUseDynamicMaterialInstance ?) : we probably need a MobileMaterialInterfacesDynamic
There's no existing public thread on this issue, so head over to Questions & Answers just mention UE-199059 in the post.