I got it working. The problem was related to LODs. The morph targets of my skeletal mesh were only set to work at LOD0 and I was viewing everything at LOD 1+ in that particular project.
Edit: If you want morph targets to work with a particular LOD, you can go to the skeletal mesh’s AssetDetails pane → under the LOD Info section → check the RemapMorphTargets option & click on the Regenerate LOD button.
Edit#2: for grammar and clarity