In short: no. The Instanced Static Mesh Component can’t store individual instances.
Someone with more rendering knowledge would have to chime in here, but from what I understand, it’s actually the video card just copying the mesh around while rendering. So you lose collision, and the meshes will all have the same material, but they will all be one draw call.
There is a “per instance random” material function that can be used to make the individual instances look different, but that’s about it.