This was finally resolved by using the component’s FTransform:
FTransform currentTransform = m_pFrameComponent->GetComponentTransform();
FTransform deltaTransform = currentTransform.GetRelativeTransform(m_prevTransform);
float transformPitch = deltaTransform.GetRotation().Euler().Y / deltaTime;
float transformRoll = deltaTransform.GetRotation().Euler().X / deltaTime;
float transformYaw = deltaTransform.GetRotation().Euler().Z / deltaTime;
m_pitchRate = transformPitch;
m_rollRate = transformRoll;
m_yawRate = transformYaw;
m_prevTransform = currentTransform;
These rates are now correct and in reference to the body-frame of the component