https://docs.unrealengine.com/4.27/en-US/RenderingAndGraphics/
https://docs.unrealengine.com/4.27/en-US/RenderingAndGraphics/Overview/
Uses DirectX 11 and 12 pipelines that include deferred shading, global illumination, lit translucency, post processing, and GPU particle simulation with vector fields.
Which of the following features is available in which platform is detailed here: https://docs.unrealengine.com/4.27/en-US/RenderingAndGraphics/SupportedRenderingFeatures/