Yes basically like that, tbh I didn’t use replay system or created for a game in unreal yet, however basically with that you can replay aeverything that is recorded. You can check here how its done You can a little bit hack into it or build your own system on top of it as extension.
Also doing simple replays is not that hard as it sounds, especially if you are trying to replay a system of projectile, hit, explosion etc. All of them can be reconstructed mathematically.
Here is a very RAW PROTOTYPE I quickly did just to demo the concept, I didn’t use functions etc so i can demonstrate it in a monolithic way to you.
I have 3 debug functions which spawns a projectile (Q), explodes it (E) and start a replay of last projectile movement (R)
Which they Spawn a projectile, on explode gathers data and on R- replay makes a replay sequence: like spawn a cine camera, transition to that, make replay, go back. Ofcourse there is many things to do more and cleanup.
The projectile itself in a high level description. Does 2 things :
If its not replaying spawns, with projectile movement component moves.
If its replaying, than: removes projectile movement component which we dont need, gets data points as transforms, time of explosion and flight time (some of them maybe not explodes).. Creates a spline and a timeline and moves along spline with given time. Explodes if explosion time reached.
Projectile
Results

Think you can start with the built in replay system already imo, however can be done manually too with BP and even much nicer in C++
Edit : If its a projectile replay system you can also use predict projectile movement node from component too if there is no dynamic physics applied to it in game, like wind forces etc.