I just found a maybe better way to do it:
If you right click on the scene material group in the material browser, you can set the options to “autoupdate” and “filter selected objects”
Once setup like that you will see only the selected object material in only one click (by selecting the object) instead of 3 clicks in the old way (select the object, click on get material, click on radio button “selected”).
If you choose only “autoupdate” you will still see the selected object material highlighted by a thin white line.