I’m not very experienced in baked lighting, someone else might have a more accurate answer, but as far as I know you can have speculars or reflection with baked lighting. Because there are games and maps with baked lighting and they have reflection. Be it real-time or reflection/specular from cubemaps.
Hit the video tutorials in the mean time, I’m sure you’ll find the answers there.
Thanks, I actually changed the whole project to realtime lightning. I put there less lights and it works perfectly fine. When played in the editor, it runs on 30 - 40 fps on max details and completely smoothly as a standalone game.