2021.1.26f1 - Selecting an asset reference in Play mode does not effect Project window

Unity Engine
1

If you click on an asset reference from a gameobject outside of play mode, the project will navigate to the directory the object resides in and will highlight the object.

If you perform this same interaction in Play Mode, there is no response.

This is a new bug in 26f.

2

Make sure the asset isn’t instanced. That would (obviously) make it a different asset than on disk.