Status Effects Component is managing all kind of effects applied to owner such as stun / freeze / burn / knockdown etc.
In the project even backstab was implemented as status effect.

StatusEffects templates are created as data assets of type StatusEffectData.
On creating new status effect data object, we only need to set its Duration and LogicClass
rest of data will be auto generated by component on applying it.

Then in Component settings we can setup default templates to use when status effect is applied by type.

Each status effect can have its own logic class based on BP_StatusEffectLogic with logic on applied / removed.
Then when status effect is applied, this logic class will be created

This is example implementaiton of Stun status effect logic.

It disables owner movement by adding activity and spawns stars emitter above head.