I have a simple model, created in Blender. I export it as an OBJ, import it into AE, and put it in a comp, add a camera, and all is good. I then update the model in Blender, re-export the OBJ, go back to AE, right-click > Reload Footage on the model (both the .obj and the .mtl), the Comp Viewer redraws, but nothing's actually changed - it's still the old model and old materials. Even if I do a Purge All, AE redraws, but it's still the old model. The only thing that forces an update of the model is to close and reopen my AE project.
Here's AE showing the old model, even though I've updated and 'reloaded' it:
I then save, quit and reload AE (or just close and re-open the project), and having made no changes to anything, it now shows the updated model and materials (cyan line is now blue, and there's an extra yellow line in there, which is all correct):
I'm on AE 24.5.0x34, Windows 10.
~ Paul