Can I set a blueprint actor as a component for another blueprint actor?

Yes, but that essentially does the exact same thing as Attach Actor to Actor, except less practical. You can’t pass in a class to create, while you can see the actor in the outliner- you can’t change anything on it, and above all that wouldn’t be useful in this situation because the actor is already created, and needs to be able to be swapped between different actors.

Though, I didn’t know about this node. Thanks for bringing it up