Here are the questions - a) REAL-TIME DYNAMIC WATER CAUSTICS - Is this feature available in UE4 or is yet to come? b) REAL-TIME LOCAL REFLECTIONS - Is this feature available in UE4 or is yet to come? c) CONTROLLABLE TESSELLATION & DISPLACEMENT - Is this feature available in UE4 or is yet to come? d) HIGH-QUALITY DYNAMIC…
Whether or not all of these features are available out of the box, they're all definitely possible - this is where writing your own shaders come into play, if you want the very best features you should look into making them yourself :)