Collision For Large Characters

I am looking into the viability of creating a game that focuses on combat against massive enemies, similar in scale to the larger colossus from Shadow of The Colossus. The issue I'm having right now is in trying to find out the best approach for collision on such large characters. Since players will be so much smaller than the enemy, the collision will need to be very accurate or the game will not work.

I know SOTC used low-poly meshes of the characters that deformed with the skeletons as their collision meshes, but I am unsure how to replicate this effect in UE5. Players wont be climbing around on the creatures, so it doesn't need to be perfect, but will still require accurate collision.

I've found some suggestions that there's a per poly collision option for skeletal meshes, but I have been unable to find it.

Currently, the best approach I've found was to use physics assets where each important bone has a multi-faceted convex hull, but I can't help but feel like there might be a better way.

Any help is appreciated, and I apologize if this is a newbie question, but I've been unable to find any answers online.