No, just need to have it installed so Unreal can use HotReload with C++ Compiler… The project must be a C++ project, but I don’t keep Visual Studio open at all.
I don’t think this is a replacement to Visual Studio.
However some times I just want to make some foreach loops or write my functions instead of dragging wires around, but I don’t want to wait for VS to launch either. I just want to write the function and see it there in the graph on the exact place where it’s called without wasting time on extra steps such as creating function library classes.
Blueprints are great, but sometimes just typing on a keyboard to create a function is simply faster than connecting wires to nodes…
“Less time waiting for things to happen!”, this is why I’m making this, I need to reduce time spent on the overall “coding” workflow, “less rocks on the way” 
In fact this is a plugin that I built and I could share it.
However there are a few problems I see about sharing this:
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I would need written permission. Some pieces of this plugin I wrote on my workplace which makes the company legally owner of this tool; they would have to allow me to make it public.
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I don’t have a lot of time to create documentation, tutorials, etc, besides a few example nodes. This could become a problem if I make it public…
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And I believe EpicGames has in the EULA something saying we can’t sell scripting/coding systems for Unreal, it must be shared for free
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And finally, there’s the fact this isn’t complete yet, right now it’s more like something in “alpha” state.