Standalone Morph Targets are a custom implementation of standard Morph Targets.
This new type of asset format allows users to store Morph Targets as standalone assets which can be visible in Content Browser.
The usage of Standalone Morph Targets is different from standard Morph Targets and the main purpose here is to allow transferring, baking and projection at runtime, easier, without interfering with the existing Morph Targets.
Standalone Morph Targets are exposed to blueprints and there are several nodes and tools that allow users to manipulate them at runtime.