You cant directly cook with the engine but you can controle a cooking roboter 
Ok, now to be serious ^^
must: gameplay, materials, lightning,
should: level (but you can also create one in 3ds - export it - import it)
shouldn’t:
meshes (you are just abel to create basic ones -> but as already mentioned they are mainly for blocking out some stuff), textures (cant be done in the UE4), animations (you can only create movement stuff -> matinee), sounds (in the ue4 you just mix, place, edit some small things -> so recording should be done outside of the ue4)
It could be that I forgot something, but I will add more in some minutes 