After running a few tests, I was able to render a transparent background in UE5.5 by ticking only one box (see picture). In UE5.5, ticking this one box does NOT require a restart.
I took my rendered video to Davinci Resolve and to Adobe Premiere and both allowed me to choose any background image or video I wanted. My rendered video looked like it had a black background but just dropped in and worked in the above programs.
You need to make sure you tick ‘Actor Hidden in Game’ for floor, fog, atmosphere, sky sphere, cloud.
You don’t need to tick any boxes in ‘Deferred Rendering’.
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