Realtime Audio Priority based on distance from Camera?

Is it already possible to have priority of audio components auto-magically change based on their distance from the camera, and have that constantly update?

For example - I have a bunch of vehicles In the game (theoretically, you can have a couple hundred of these at once), which all have an ‘engine’ audio component. The problem is that the concurrency settings don’t actually fade out the sounds, they actually stop playing them completely. This is obviously what you want for performance reasons - but those sounds don’t automatically start playing again, when they’re closer than one that’s already playing.

In order to stop this I would have to go into code and manually check every audio component that shares the same sound cue, and adjust the priority based on the distance to the camera. I can do this of course but I’d rather not, since it could get quite expensive to do those checks and I’m effectively building my own concurrency system then.

So, is this a feature of the engine by default? Always thought it existed for some reason.