Is Setting Pivot on an object or instance in a Level only for that object or instance?

I’m prototyping a level while following along the Unreal Engine 5 Megacourse on Udemy and have a question about setting and using Pivots -

Does setting the Pivot on an object or object instance in the Unreal Editor window set the Pivot for that object or instance only? Is it set on a per instance basis in the Editor window?

I’m guessing it is because none of the other instances of the same object change their position when the pivot is set on another instance.