Hi, first off, many dynamic lights are one of the fastest and easiest way to kill your performance.
Using light functions will cost you extra performance, so blueprints may be the better choice. You could also think about using static lightning for all those lights and use lightningscenarios (never done this though so I can’t guarantee that it will work for you), so you will basically have one scene with all lights on and one with all lights off (directional light can still be dynamic for a smooth day night cycle). Static lightning will cost you nearly no performance (and it makes no difference for performance whether you have one static light or one thousand).
So take a look at this here Using Precomputed Lighting Scenarios in Unreal Engine | Unreal Engine 5.3 Documentation and How can I switch between day and night scenes in the same space? - Rendering - Epic Developer Community Forums