How to reproduce:
1. Create a new project in your preferred Perforce Workspace
2. Open the project and connect it to Perforce
3. Create a new Material and in its Inspector click "Submit"
4. Once Submitted click "Check Out" and change its color to Red
5. In the Project Window right-click the Material -> Version Control -> Revert
6. Observe its Color

Expected result: the changes made are reverted (material's color is reverted from red to default white)
Actual result: only the check out is reverted, the changes are kept

Reproduced in: 2019.3.0a12, 2019.2.1f1, 2019.2.0a6
Not reproducible in: 2019.2.0a3, 2019.1.14f1, 2018.4.6f1, 2017.4.31f1
Couldn't test with: 2019.2.a5, 2019.2.0a4 (The editor crashes immediately, due to a HUB bug)

Note: This does not reproduce with the Asset Pipeline V1, this is an Asset Pipeline V2 regression. The only asset that seems to work properly at the moment is the scene asset.