Yes, a UE4 world can be divided into a grid and the engine will manage loading/unloading areas as necessary. There's a caveat with this however, as each segment

Yes, a UE4 world can be divided into a grid and the engine will manage loading/unloading areas as necessary. There's a caveat with this however, as each segment is effectively a separate level so you have basically no choice but to import your terrain as a chunked hieghtmap instead of using the terrain tool as meshes can't span multiple levels.