Much better question.
OK so no there is not a node that would conform clothing to the body shape and yes you will need to make the clothing morph targets to fit the body style. Making run time custom changes to a player model is far to complex as to dealing with all the moving parts to make it work and is far mode simple to do at the content or asset level.
The good news is there is a tool that would make the task at least more fun and not so much a bore as to making tones of individual morph necessary to fit the body style.
The tool is called Daz Studio which you can use a parametric character, actor, called Genesis 9 which can be used to transfer morphing data with out even having to learn to model targets.
The bad news is of course is the steep learning curve but most complex solution are figured out via discovery anyway but since a lot of the base requirements are free you can source some working assets and jump over the editing requirements. There is of course MetaHuman but I’ve used DS and Genesis to test theory for years and since changes can be made using a slider and create the needed clothing morphs and body style at the same time.
This is next gen stuff for actor development of creating stuff in a fun manner over coffee and donuts. The resut though is you can develop the required assets at the asset level and import into UE5 and wire up the parts and avoid the complexity of a procedure solution.
If any questions as the the use of DS as a development tool I’ll be happy to try to answer but I can assure you once to get a handle on it you could create tones of conforming clothing on the same identical skeletal in a single day that could take months to make via an app like Blender. You could even make tons of unique NPC actors like Assassins Creed.
Hope this is of help as there really no “easy” way of doing it.