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When the meta property "MakeEditWidget" is used in conjunction with EditDefaultsOnly, instances of the variable in the level can be edited by selecting the widget and using its transform gizmo.
UPROPERTY(EditDefaultsOnly, BlueprintReadWrite, Category = Pickup, Meta = (MakeEditWidget = true))
FTransform GrabPointOffset;
Result:
The transform gizmo is still available even though GrabPointOffset is set to EditDefaultsOnly
Expected:
Widget is not editable per instance when set to EditDefaultsOnly
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