Maybe the concept does not apply the same was as with the property assignment, but that doesn’t prevent ARCHICAD to export material properties in IFC4.
E.g. #264 is the Beam and #313 associates the material to it. #302 links material property #304 to the material #283
#264= IFCBEAM('0PJFSl0TrvIAWOD7c$Xxg1',#32,'Betonnen Balk',$,$,#199,#253,'194CF72F-01DD-7948-A818-3479BF87BA81',.NOTDEFINED.);
#279= IFCRELCONTAINEDINSPATIALSTRUCTURE('3Tj0c2SdJgDTrztiPOLNpw',#32,$,$,(#264,#695,#1064,#1373,#1663,#2063,#2461,#2759,#3049,#3357,#15487),#177);
#283= IFCMATERIAL('Beton gewapend C vloer',$,$);
#290= IFCMATERIALPROPERTIES('Pset_MaterialThermal',$,(#294,#301),#283);
#294= IFCPROPERTYSINGLEVALUE('ThermalConductivity',$,IFCTHERMALCONDUCTIVITYMEASURE(2.5),$);
#301= IFCPROPERTYSINGLEVALUE('SpecificHeatCapacity',$,IFCSPECIFICHEATCAPACITYMEASURE(1000.),$);
#302= IFCMATERIALPROPERTIES('Pset_MaterialCommon',$,(#304),#283);
#304= IFCPROPERTYSINGLEVALUE('MassDensity',$,IFCMASSDENSITYMEASURE(2400.),$);
#305= IFCMATERIALPROPERTIES('AC_Pset_MaterialCustom',$,(#307,#308,#309,#310,#311,#312),#283);
#307= IFCPROPERTYSINGLEVALUE('Embodied Energy',$,IFCTEXT('2.33 (MJ/kg)'),$);
#308= IFCPROPERTYSINGLEVALUE('Embodied Carbon',$,IFCTEXT('0.242 (kgCO\X2\2082\X0\/kg)'),$);
#309= IFCPROPERTYSINGLEVALUE('ID',$,IFCTEXT('26.26.'),$);
#310= IFCPROPERTYSINGLEVALUE('Description',$,IFCTEXT('ter plaatse gestorte elementen - draagvloeren'),$);
#311= IFCPROPERTYSINGLEVALUE('Manufacturer',$,IFCTEXT(''),$);
#312= IFCPROPERTYSINGLEVALUE('Participates in Collision Detection',$,IFCBOOLEAN(.T.),$);
#313= IFCRELASSOCIATESMATERIAL('3nM6JgM$PvFSPJexv9rXVI',#32,$,$,(#264,#1373,#1663,#3049,#3357),#283);
So I’d guess that the concept applies, but as IfcMaterial is not an IfcObjectDefinition, it cannot use the same relationship.
Would you rather promote IfcMaterial to an actual object? If you think as a manufacturer, I’d say yes. But a material usually has no shape placement like a Product.
However, it can be argued that it would fit the IfcObjectDefinition concept and may have assignments, could be decomposed or decomposes another object and may have associations (such as a classification). I believe that not having this mother class effectively prevents materials to be classified. A bit unfortunate, as many classification systems do distinguish based on materials, at least in some of their tables.