Yep, use the VDMeshClothComponent and check the Preserve Volume box to enable it. Then supply a hull mesh to use for the soft-body. Some meshes work better than others and be aware of the vertex count as that will directly drive the particle count. Once you have your mesh setup, tweak the stretch and bend constraints to your liking and adjust the Rest Volume if needed. The Rest Volume can also be driven through Blueprint or code.
I’ll be putting a new sample project together to also cover everything that has been added recently.