Not Unreal Engine 4, either. UE5 has "asset streaming" and "open worlds", but mostly static and loaded from a local SSD on a Playstation 5. That's working nicely.
Asset management from the network is the real difference with seamless, modifiable virtual world systems. Otherwise, it's a minute of "...LOADING..." when you move to the next area. You need clients, servers, file formats, and protocols designed for it. It's a moderately hard engineering problem, and, as yet, there are no good off the shelf solutions.
There's a "check out, check in" approach. Decentraland uses that. You check out your parcel into a local Unity environment, edit, and check in the whole parcel to make it visible to others.
The Spatial OS people, Improbable, did some of this, but their solution cost so much to operate server side that all four of the games that used it went broke. So Improbable is trying to pivot to military simulation.
Probably by UE6 this will all be standard. It's one of those things that has to be done to move the metaverse from hype to usefulness.