Ignore Self on Overlap

Ah wait, I think I know what’s going on.

Owner is not being set at the initial spawn, and your collision is handled at that point (before owner was set). Which means, you get collision event handled as soon as object is spawned, and this is what is causing the issue.

First solution:
You might try GetInstigator, instead of GetOwner. Does that work for you? Make sure you pass owning Pawn as instigator. You can see the node pin in the image bellow.
image

Second solution:
This is the one I’m using in my game (because I had the same issue as you do now). So, do not to use actor overlap, but use specific collision overlap. This is how we will resolve collision happening before BeginPlay. So make sure your projectile has some sort of sphere collision. Remove the overlap logic you had now, and then in BeginPlay of your spell actor, use this image as example, this is from my game.
This will make sure you have collision handling afterBeginPlay, And, therefore, you will have owner ready so that you can do necesarry checks