Screenshots of a simpler version from an older demo. If you want to import FBX files where the models are nested and have relative positions you should download the latest demo project.
There is also a free plugin with more features than the ProceduralMeshComponent from Epic. I have not tried it myself yet.
Link






If you want to use vertex colors (since plugin version 3.17) you have to create a material with "Vertex Color" and put it on your procedural mesh.