This tutorial gives an overview of two different approaches used by the Lyra example project to dynamically spawn weapon impacts into Niagara systems, including the new Data Channels feature. These are more performant approaches than spawning a new Niagara system for each impact.
https://dev.epicgames.com/community/learning/tutorials/0q6O/unreal-engine-optimizing-niagara-systems-as-a-service