This video covers baking inside of Unreal Engine 5. In the engine you are now able to bake textures directly inside of UE5 without the need for another program. This video goes over baking details from a nanite mesh, onto a low poly model in the engine!
https://dev.epicgames.com/community/learning/tutorials/9mnP/baking-from-high-to-low-poly-in-unreal-engine-5