What software should I use alongside Unreal Engine 5 to create custom 3D assets?

Could you briefly describe the general steps of creating a 3D asset to be used in Unreal Engine? I’m very new to this, and I’m trying to gather as much knowledge as I can.

Modeling->Bake->Texture->Sculpt

Is that how it goes?

Also, does Photoshop have any place here?

Thank you so much for your response!