Stumbled on this troubleshooting same issue. For anyone else who lands here I found a solution. You can open font file itself and adjust characters Y position. a bit of trial and error and you should be able to have nicely centred fonts inside unreal.
- Open font in Font Forge (free open source)
- Select all glyphs
- Menubar > Element > Transform
- Move Y (enter value, negative moves glyphs down)
- Menubar > File > Generate Fonts