If by “generate a variety of different characters” you mean defining presets in the editor and having them appear like that in-game, then yes that is doable.
A change in version 2 is that there is now a struct called Characters wherein you can add character presets and define morph values, textures, clothing, hair and then give the preset a name and if you assign that name to the Save Name variable of the character blueprint instance in the level it will load on play.