Unreal 5.1 has WPO w/Nanite so the ‘replacement’ would be to jack up the tessellation on the source-mesh and let Nanite sort out culling and what-not.
You end up trading some complexity w/Nanite and somewhat larger source-meshes for a much cheaper solution (computationally) which is much-more performant than tessellation. Plus with what other benefits Nanite offers, it’s a nice ‘grab bag’ of (nanite) abilities to work with.
No, it’s not really 1:1 but if you make the source mesh dense enough, you ought to never notice and, as well, have a more evenly-tessellated mesh overall.