Not by default. You will probably have to check out highend3d.com and search for a planar script. I'm pretty sure one exists, but I don't have the details.
Few things I'd like to add. Epic themselves generally suggest using AO textures for small cavities and letting SSAO/SSGI/Lumen/DFAO do their jobs. AO being baked into textures isn't necessarily a bad thing, it can simulate dirt and grime even if you're getting AO elsewhere. Often times with textures you got albedo and…
maya has custom cages as well :) they are called envelopes. make sure to turn off "reset envelopes on bake" why that option is default, is absolutely beyond me
Did you end up fixing the light complexity visualiser? I've found that going to Show -> Use Defaults in the viewport tends to fix those sorts of issues.
By default your object will have Lambert material applied to it. Can you show image of the settings for your UV snapshot? And the full UV editor screen too.
Now you don't need to add -dx12 to the shortcut. Instead, go to the project settings, search for "default rhi" and set it to dx12. Restart the engine and it should work.
Is the camera still retarded and broken by default? Do the pallet windows still have no close buttons? I think it would be great to see some of that stuff fixed.