Last time I did this was early UE4. The most flexible (and certainly supported) way to animate is through skeletal mesh, which that video suggests.
I’ve used a bunch of combinations of UE versions and Blender versions and that never caused me problems. Can confirm though that UE5.4.4 and Blender 4.3 work together nicely as well. In the latest UE version(s) you should also see some changes on the FBX importer (Interchange plugin)