The EULA language on that page is designed to be legal protections for Epic in your EULA rather than a full and complete EULA for your game. That said, we don’t have requirements for your EULA other than that language, so in the end it’s up to you. Yes you would change the bracketed language and it would be ok to keep agreement.
You might want to have a look at the EULAs for other game companies you respect to see what kind of language they are using.