Hi Wes,
Yes, I can confirm the plugin is 2.4.3.
Attached Pic 1 is a screenshot of the version in the Package Manager for Unity 2019.3.0f4. Also tried installing directly from the Asset Store instead of the Package Manager, but still the same problem.
In pic 2, you can see the substance target settings as compressed.
In pic 3, you can see the generated texture.
In pic 4, you can see the setting changed to Raw and being applied, and the texture being grayscale.
In pic 5, you can see a grayscale generated texture as Alph8 UNorm with the RAW setting.
In pic 6, you can see this "RAW" texture shown as black in Unity's project view.
This is happening in both the Built-in render pipeline as well as HDRP 7.1.7. It's a simple test substance with a noise in the red channel, and full white in the G, B, and A channels. This particular substance has the same problem in both pipelines, and while other substances may or may not have problems in the built-in pipeline, all of them have this problem in HDRP.
Also, will we able to choose the compression settings as well, and not have the substance bake the compressed version? Thanks.