Blueprint Function Library Child Classes

Hi, I’ve noticed when creating a child of a blueprint function library, the graph is a default blueprint graph not just functions, they seem to work just like a Uobject, I can construct and run events in them just like any other object.

Is this intended as a way to create objects that derive from a Bp function library?
Will this also work in a cooked build?
What kind of performance difference is there between constructing a bp function library take over a Object Bp?.

Thanks in advance.