Yup- it’s part of the creation process. You can also modify it after creating the asset, though you should keep in mind that changing an asset’s parent class will break any references it has to its old parent class.
Whenever creating a blueprint class, you get this screen:

This is where you pick the parent class of the thing you’re creating. The common classes are at the top with easy to reach buttons, but every blueprintable class will be under all classes (including c++ classes).
You can see the hierarchy of classes here, too. Note that BP_Battery_Big_Child and BP_Battery_Small_Child are under BP_Battery. That means BP_Battery is the parent class of those classes- they inherit from BP_Battery (likewise BP_Battery inherits from Actor and Actor from Object, meaning BP_Battery_Small_Child is a BP_Battery, Actor, and Object simultaneously).
You then simply click it, click select, and boom- new child of BP_Battery.
Opening BP_Battery_Big_Child or BP_Battery_Small_Child, you’ll be greeted by something like this:
It’s all data, everywhere- no event graph, no nodes- why? This is what happens if a class doesn’t have any custom logic- meaning no custom events and no overridden functions. That’s the case with the battery children since the only thing they’re changing are the values of “Electricity Value” & “Battery Mesh”
You can open the proper editor by clicking “Open Full Blueprint Editor” at the top:
As I mentioned earlier, you can also change the parent class after creating it. This can be done under Class Settings → Parent Class.
The top right, highlighted in green, red, and purple, shows the parent class. You can click the magnifying glass to show the class in the content browser or click the pencil to open that blueprint.