Is there any way to give cable components collision so they wrap around static environment objects?
Yeah, it’s somewhat fiddly and costly, though:

Do consider enabling CCD in the cable’s collision settings (another hidden advanced panel). Depending on what you expect from it, it might be worth it. Hold ctrl+alt when viewing a tooltip for more info.
You can Enable Collision on it but its not 100%, if you want a cable/rope that looks really good and behaves as expected you have to make a skeletal mesh rope with bones and physics asset, linking each bone with constraints etc.
I haven’t done it myself but this guy goes through it here and it looks really good:
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