Generate Procedural Mesh

Am I correct that the mesh returned in CollisionData in GetPhysicsTriMeshData is used for detecting collisions?

In the static mesh editor you can auto-generate a convex decomposition mesh for collision. Is that code available in the engine at runtime, and could it be used within this function to generate a simplified collision mesh? What other functions are available in the engine at runtime to produce a simplified mesh? Something like LOD functions?

I apologize as I’ve seen similar questions, but I haven’t seen any direct answers.