Hey there!
So on Paragon, we extensively add leaf and chain modules to all the characters for secondary. For armor, I would add leaf modules, and use the anim dynamics node in UE4 to simulate them.
For cloth, we use Apex. To make Apex performant, we use physical meshes (sim meshes that are lower res) to simulate, and the graphical mesh (the original mesh) matches what the physical mesh is doing.
Cloth tutorial I quickly smashed together:
Our stream on anim dynamics:
https://.com/watch?v=5h5CvZEBBWo