1. Create a new Material Layer "ML"
2. Create and edit a new Material "M"
2.1. Add a new "MaterialAttributeLayers" node
2.2. On the details panel for the node, locate "Layers – Default Layers – Background – Layer Asset" and set it to "ML"
2.3. Click the "Reset to Default" button to the right of the "Layer Asset" row. Nothing happens.
2.4. Click on the "Reset Element to Default" button next to "Default Layers" – Crash!
There's no existing public thread on this issue, so head over to Questions & Answers just mention UE-304961 in the post.