This is where many users get stuck. A mesh preset is not a Smart Object. To change a sphere into a donut, you must delete the existing 3D layer and re-apply the new preset. You cannot morph one preset into another.
Have a custom mesh preset you want to share? Legacy 3D communities on Reddit (r/Photoshop) still actively trade CC 2015 OBJ files. 3d mesh presets for photoshop cc 2015
You cannot apply a 3D preset to an empty background. Use a standard raster layer (or a text layer). This is where many users get stuck
Double-click the Can Material texture map (usually named Can_Diffuse ). A 2D UV map will open in a separate window. This is a flat version of the can’s surface. 3d mesh presets for photoshop cc 2015