Pretty much this, When you have your trace its pretty easy to get all the hit information anyone could ever want. Just split the struct pin and you get everything right there. So you can apply Impulse at location from where your trace hit somthing, just like said.
Just make sure you fully understand Collisionchannels, beacuse you might want to create a new one just for your traces.
Anyhow you can read all about Tracing here: https://docs.unrealengine.com/latest/INT/Gameplay/HowTo/UseRaycasts/Blueprints/
And for the collision you can read about it here Collision Response Reference in Unreal Engine | Unreal Engine 5.1 Documentation