Hi Ashh,
There isn’t any real difference in how this was handled between 4.12 and 4.14.
What you’re seeing here with light leaking is normal. You can adjust the shadow bias to help block this and make your asset more grounded with shadowing.
You can read about that here: Content Examples Sample Project for Unreal Engine | Unreal Engine 5.1 Documentation
With Spot Lights and even Point lights, the larger the radius the lower the shadow bias will need to be to accommodate but then if it’s too low you’ll run into self-shadowing artifacts. Find the balance that works best for your design.
-Tim