To illustrate what @monospaced said, once you set Photoshop as your editing application withing SketchUp Preferences…all you need to do is edit the material…which opens it up in PS from SketchUp…then make your changes…and save. Trick is not to save it as a new file. If you’re adding layers or anything, make sure to Flatten the image first, then save it and…viola! there is. Updated automatically in SketchUp:
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