It is supposed to do it .. but very often it fails on an epic nature. The trick here is to use the material presets addon. This is a chrome extension script which runs via tamper monkey.
This tool will inject some additional controls into the editor of sketchfab. So you can save all your material settings using this tool prior to doing the re-upload. Then do the re-upload then use the tool to load your preset.
When using re-upload , the textures will be there but some might disconnect , at least you dont have to re-upload textures in this instance , you can just select it again from the drop down.
This tool can even be used across new uploads although it doesnt store textures , those you would have to upload and assign again on a new upload.. but all the settings would be correct.
So install tamper monkey , and here is the script :
you can save presets for materials and for post processing , but not for lighting.