It's a bit 'clumpy' (to adjust your choice of settings) but you can choose to use spandrel with face.
Set different criteria for the panel and the face to suit your steel/acoustic set-up (you can see I've quickly set a grey for the steel and a blue for the acoustic material) and I think you'll be OK with the look you're trying to achieve. Texture is also available - I've not bothered and set it to None.
Its just the 'trial and error' of setting the dims so that the panel has the correct appearance to the way it will be manufactured (getting the acoustic recess and the face of the steel looking good) that will take some time perhaps.
Hope this helps - others may have a better way.
The problem here is that editing pulldown fields is not updating the choices for the title blocks. This is going to be fixed for Vectorworks 2019, as the fix is not trivial.