From what I’ve read, Unreal does not typically use complex collision for physics simulation. That being said I still think this should work.
I’m assuming you’ve already checked that the correct collisions channels are set to overlap, AND that the object your trying to detect is the correct type that overlaps with the other component.
That is one of the things I think is confusing when understanding collision responses: the collision responses mean how the component will react to other objects that overlap it, and the Object type is what the other components will see when this component overlaps them. Check these things first.
I would also suggest printing out the length or name of the overlapped components to see what if anything is being detected.