Is it possible to record game states (frame by frame) and then render them at high quality ?

Can I “record” my gameplay at a low quality, and then re-render it in engine to have higher graphics quality etc. E.g. create a target render. So basicly not record video footage, but what happens in realtime with low graphic settings and then replay the entire thing and render each frame at high quality.

afaik ue doesn’t have an out of the box solution for that. though it could be very useful.
what you describe sounds like doom’s prerecorded movement (which afaik it’s very useful for debugging, testing, and attract mode), or something like braid but simpler.

i think sequencer offers a way to record certain things, but i’m unsure it can do it during gameplay.
if it can it might be your best choice, since sequencer will allow you to output frame by frame at higher resolution and higher quality (those are different things).

you could do it yourself also.
if you record inputs (not only kb but other events) and then simulate them (injecting them).
or you could record states (positions, transforms, and other values) and replay them. this one is the most generic and potentially most stable one.
you can even mix both.
you’ll have to implement these yourself. probably with some subsystems.

also someone else has asked this before, so you might benefit from searching through the forums.
https://forums.unrealengine.com/search
there are two plugins, at least, to do the 2nd option, here in the forum, you’ll find it if you search.

be warned though, that if you do this for promotional videos, it’s very frowned upon (i would frown on you). i know there’s an excuse of “i don’t have the hardware” but it’s also true that it is not a realistic representation. since you would not be running real hardware anyway and it’s not a real time capture, but a pre-render sequence. it makes no ethical difference if you’re using the engine renderer or not.