In UE5 with Lumen, yes, but the results won’t be very good unless your emissive lightsource is large and dim. Lumen does not require hardware raytracing to get this effect.
In UE4 you’re limited to baked emissive. Unless you use RTXGI.
Characters can receive baked/static emissive light just fine, it is baked into the volumetric lightmap which is used to light skeletal and dynamic meshes.
Skeletal/dynamic meshes can’t emit emissive light onto other actors in the scene. Depending on what you’re doing though you can often get around this by simply attaching lights to an object/character.