It is possible to create light beams with volumetric fog and even dynamic multiple light sources. [Asher][1] has in the beginning of the video a [free example project][2] with exponential height fog and even [godrays][3].
The exponential height fog and volumetric clouds are very versatile and can be used for a lot of stuff. I’d give it a watch and read.
[1]: Expand Your World With Volumetric Effects | Inside Unreal - YouTube
[2]: http://asher.gg/blog/wp-content/uploads/2020/02/VolumetricFogDemos.zip
[3]: Create nice and feasible volumetric cloud in Unreal Engine 4 | UE4之制作高端霸气的干冰体积雾 | Asher.GG