This free, official, Blender extension packs several professional-grade techniques commonly used in the video game industry:
Vertex Animation Textures: a tool that allows you to bake animation data, per vertex, into texture(s).
Object Animation Textures: a tool that allows you to bake animation data, per object, into texture(s).
Bone Animation Textures: a tool that allows you to bake animation data, per bone, into texture(s).
Object Attributes Textures: a tool that allows you to bake data, per object, into texture(s). Previously known as 'Pivot Painter 2.0', it has been rebranded due to improvements that offer greater flexibility and potentially open the door to new workflows.
Signed Distance Fields: a tool that allows you to bake signed distance fields.
Data Baker: a tool that allows you to bake various types of data into UVs, Vertex Colors, or Normals, offering great flexibility and advanced bit-packing techniques.
Use Blender's built-in extension system to install & update it.
The wiki (https://github.com/GhislainGir/GameToolsDoc/wiki) includes an extensive Technical Art Compendium that provides additional information relevant to all the tools and techniques listed above.
Hundreds of samples, including source files, are available in the Content Examples project for UE (>= 5.3): https://github.com/GhislainGir/GameToolsDoc
The project includes a plugin that bundles plenty of material functions to streamline the process of using this tool.