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@ - that video you linked isn’t official. There is an experimental voxel GI in the latest version of the engine, but it’s exactly that - experimental and not a proper feature. It’s also pretty slow and not that great, it’s missing things like specularity, which is kind of important. The destructible trees in CryEngine are precalculated boolean destructables that were created in Maya. You could do the same thing in UE4 with a little work.
As for caves, yes, that is pretty much the only advantage of voxel based terrain. I’m not personally sure it’s worth the performance cost that it entails over traditional heightmap based terrain.
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No, the trees make boolean functions at realtime when get the point of collision.