Yes? This is how the UE5 demos were made, and how games have been made for the better part of the last 20 years. In general this is what you should be doing in Unreal if only so you can generate more efficient mesh distance fields. Not to mention its required by Lumen for structural geometry.
Tessellation still works fine in UE4, if you’re not going to use Nanite or Lumen you may as well just stick with it until tessellation is supported in UE5.