The title says it all is it possible?
Yes. You can’t do it in the components panel, but you can do it in blueprints: AttachComponentToComponent | Unreal Engine Documentation, Get Attach Parent | Unreal Engine Documentation, DetachFromComponent | Unreal Engine Documentation. To unparent it from all components but keep it attached to the actor, you want to attach it to the root component; DetachFromComponent will detach it from the actor physically, but it will still be a part of it.
wtf? this is like one of the most basic things anyone might need to do and we have to go the tricky way…
It’s to avoid accidentally breaking logic from the parent class in the child class. For example, deleting a component in the child class that the parent class references will cause an error.