This tutorial is created in Unreal Engine 4.26 but the technique is still relevant to Unreal Engine 5 and latest version. This is the most in depth tutorial of exterior lighting in unreal engine explaining all the lights hdri and sequencer in in depth details. Its 2 and half hour long also covering water, decals etc.
https://dev.epicgames.com/community/learning/tutorials/lw1G/ultimate-guide-to-exterior-lighting-in-unreal-engine-4-5