From the first section:
License Grant
1.1 License. Epic grants you a personal, non-exclusive, non-transferable, non-sublicensable limited right and license to (a) use MetaHuman Creator and MetaHuman Assets to create Generated Characters, (b) modify the Downloaded Characters, and (c) use the Downloaded Characters (with or without your modifications) in your Products as UE-Only Content as permitted under the terms applicable to UE-Only Content in the UE Agreement (the foregoing, collectively, the “License”).
Yep, and you can see here and throughout the document, exceptions are made for the “Downloaded Characters”:
(e) reverse engineer, derive source code from, adapt, translate, decompile, or disassemble it, or otherwise attempt to learn the inner workings, structure, algorithms, or ideas underlying it; (f) modify or otherwise prepare derivative works of it (except for modifications of Downloaded Characters as permitted under the License)