I Know The Solution Algorithm (Please see below)
The Issue as Summarized Very Nicely By UE’s Loving and Adoring Family Members:
The most succinct and Urgent feedback to Epic:
Hi everyone!
My 4.24 Experience
The issue seems pretty simple
When UE4 imports, a compression algorithm is automatically run at the default 40% setting, that’s why a large file takes any time to import at all.
If no compression was occurring, the file would import instantly.
A Wave32 bit file (which I am using for high quality bass myself) should not take any time at all to import.
No one has to check engine code to know this, just observe how long import takes (x seconds), then observe how long it takes to run any compression setting other than 40. It is the same x seconds of duration for any given file,
Which means the compression algorithm is running on import. 
That by itself is not an issue, the issue is that when you change compression, the algorithm is re-run on the already compressed file, rather than the original uncompressed file, which means having 0 compression is unattainable, 40% is the max cap of all audio until this is fixed.
When you click Edit, the already-compressed file is the one that UE is working with.
Which means you never get to 100% even if you ask for it.
What Should happen is that when you change compression/quality %
- UE4 should always refer to the original file, you have to always go back to the Best Quality before running any compression, even for a simple UI slider change, which means reimporting every time. It is technically inefficient from a file-import + UI Slider Input Action perspective ( a very valid perspective), but Efficiency Must Give Way To Quality in this case. The inefficiency can be avoided by putting the user slider input on a longer timer, only doing file import once no motion of slider is detected for some time. Or removing the slider aspect and only offering a straight numeric input that requires enter key usage.
Any Engine UI efficiency issue must be improved technically so that
Efficient-Editor-Usage is Not a Barrier to Getting Highest Quality Audio.
-
During % change in UI, check if 100% was chosen, if so, reimport and don’t run compression
-
If a compression quality less than 100% was chosen, reimport and use only the requested compression.
-
Personally, I find 100% a confusing term for compression quality, I would think that 0 means no compression, but the term itself is sort of double, compression-quality. What exactly does that mean? The term makes it sound like compress and quality are a smooth gradient and that they work together nicely. But that is not the case.
It is always compression ~vs~ quality, like a Street Fighter video game in the Life of a Digital File (LDF).
Compression and Quality are ~opposing factors~, not a happy blend from red to hyper-radiant green.
Compression destroys Quality, Quality seeks to survive compression attempts.
And it is all largely unncessary these days, because even hand held devices have lots of storage space.
In the 1900’s I am sure you needed the compression always, but this is the Modern Era and the Bass, which does require large files:
Yields The Best Dance Music.

But for now, to minimize changes, the above alogrithm always checking for 100%, and if present, not compressing at all and just re-importing is the solution for what everyone wants.
Oh Beautiful Epic who is filling the World With Beauty:
The voice of your loving family members, who are Digital Audio Engineering Experts is:
“UE I know what I am doing, if I want to compress my audio I will use ffmpeg or any audio program and do it myself, please trust me, just import my wav32 file (the Zero Compress Case) and leave it alone. Love You!”
I Am Here to Bring the Bass Back 
The Very Low Bass frequencies, as everyone is noticing, are being dramatically removed, which is not good for Virtual Music Events,
We Need Bass To Guide Our Dance Moves
I hope Epic sees this and implements my solution. (please see case update below)
In the meantime, I am on the case and will try and do this myself.
Rama Case Update, My 4.27 Experience
Okay this plot just got a lot thicker…
If I try to import a wave32bit file into UE4 4.27, I get this log output:
Error: Unable to read wave file 'CrystalFriendship12' - "Unsupported wave file format. Only PCM, ADPCM, and DVI ADPCM can be imported."
Error: Unrecognized sound format 'wav' in CrystalFriendship12
I can import a wave32 file in 4.24, but it is heavily affected as we’ve all noted…
~
How To Import Audio | Unreal Engine 4.27 Documentation.
4.27 help docs indicate:
Unreal Engine currently imports uncompressed, **little endian** , 16-bit Wave (WAV) files at any sample rate (although, we recommend sample rates of 44.1 kHz or 22.05 kHz).
If I was to translate this a little less politely:
Unreal Engine currently DOES NOT support uncompressed, **little endian**, 32-bit Wave (WAV) files at any sample rate.
If an Epic Staff member would like to say my statement is incorrect I would love to hear that, because I reaaaaaally want wave 32 bit sound in Unreal Engine… so much
The good news is that importing in 4.27 is uncompressed:
SoundFactory.cpp line 351
Sound->CompressionQuality = 100;
My Great Wonderment
Even if I succeeded at getting a 32bit wav file to be imported,
Will the sound engine itself play a 32bit file,
if everything else is currently wired for 16bit?
Reminder: No 32bit = not as good bass, and not as good bass = Less Ecstatic Dancers. (LEDs)
I request Epic Aid, and remain Perpetually Optimistic of a Super Ultra Bass Unreal Engine Audio Revolution.
An Epic Audio Revolution to 32bit quality
If Epic really wants to lead the virtual festival space, we need 32 bit quality for the best quality bass and also the highest metallic-sounding tones ( You could think: Electric Guitar without fuzz).
By the way, wave64 also exists, and that would be very nice toooo, for those considering doing this UE Audio Revolution. (UEAR)
The Frontier of Human Happiness: Wave 64 Bit

It is well known, COVID era not good for finding new relationships.
Music has become our main source of bodily Happiness and Joy, thanks to the very low bass and ultra high tones that only wave32 and wave64 bit can provide us with.
My UEAR Hot Pink Provocative (Romantic & Electron-Exciting) Expression of the Great Wish for Joy, that I Surmise
Only Epic
Can Fulfill:
It is growing by the moment, the Return of
Ultra Bass
From analog ultra-bass potential, but not as much organization,
Humanity has come to Digital 16bit, quite a shift!
There was a brief period of time where we had to figure out how to increase hard disk space…
And Now Together we all hold hands as Friends,
Lead by Epic’s Audio Engineers, with their smiling faces,
And Humanity Now Proceeds Forth
Into the
Crystal Rainbow Sparkling Dawn of Digital 64bit!
Can you Feel it?
UEAR64 is coming!
32 bit quality is now just the “middle” of the road for the type of digital quality now being used in most DAWS, truly we are already on the way to 64 bit wav files becoming more than normal.
To be truly ahead, and thus merit a new engine release in the UE4.X range, Epic might want to consider supporting wave 64 bit as well (please?).
All I can do now is think Loving thoughts about every audio engineer at Epic and set aside memory address space (Digital Hope) for an Unreal Engine Audio Revolution (UEAR) to more fully support the UE Virtual Festival Movement.
Want A Proof That Higher Range Audio Can Make You Happy?
I thank Disney for this demonstration of the Power of UDRA (Ultra Dynamic Range Audio) that I have augmented with wave 32 bit file quality
to increase the dynamic range of the bass and high tones from the original recording, using my audio remastering techniques to extend the weave of the original song into the 32 bit range (yes, thus actually >> using << the extra bit range).
If this sounds fuzzy to you, or you can’t feel the bass, please invest in a better pair of headphones / speaker system.
Yes, this is a multi-part issue, better files and also better analog output equipment.
I guarantee
Happiness
if you have an adequate sound system to play this file!
If you have a surround sound system, please, oh please, just try this file, you will be so Happy!
Help me end the COVID Era with your Happiness!
Rama
PS:
I shall seek to Bring All of Us To Victory,
All of Us = Epic + Epic’s Biggest Fans, You know,
Everyone in the Whole World
Please, be very nice to Everyone at Epic, They Are Physical Angels.
<~~~
The world smiles each day because of
Epic-Powered Creativity.
Epic = The Defender of Human Creativity
As we create, we become happier and happier!
So Thank You
,
Dear Friends At Epic
,
For Defending Happiness
on Planet Earth!