Is it possible to clear a variable (object reference for my current case) so it doesn’t store anything or reset it to default value.
You can simply SET the variable without setting it to anything specific.
Does that actually reset it’s value to the default? For number values that just sets them to 0.
To restore them to default values, I believe you would have to store their default values first. Example location would be on Construction, since that is first and foremost, even before Event Begin Play. Store the defaults of things you want to be restored to default. Set them to those values when you need them put back to default.
Another way to get defaulted values to come back is to spawn another instance of the blueprint. It will have the default values loaded in. May not be the best ways of doing things, but at least you have two options now.