While Screen-Space Ambient Occlusion (SSAO) isn't really a thing anymore in UE5, we still have a way to use AO to help compensate for the shortcomings that Lumen has with its lighting and shadows. And, we can bake Ambient Occlusion maps onto models directly in the engine in seconds.
Purchase EasyMapper HERE: https://www.unrealengine.com/marketplace/en-US/profile/William+Faucher
Knight Armor model courtesy of The Royal Armoury (Livrustkammaren):
https://sketchfab.com/3d-models/the-parade-armour-of-king-erik-xiv-of-sweden-bd189bba7d9e4924b12826a6d68200d9