I want to make a visual novel in Ren’Py and I would like to do it with renders made in Ue4. Does the Unreal Engine license allow me to do that?
I think you could, but given that the final piece would be a form of interactive media you would still need to pay licensing fees to Epic according to the licensing terms.
And Quixel Megascans files, which would be free in Unreal Engine 4. Can I render them and use them in my Ren’Py game?
You can use renders from UE4. Renders are images, so I don’t see why you can’t. You should still email Epic Games to find out.
You can use renders in another game engine, but again, you’d still be required to pay royalties to Epic.