The short answer
Yes. Rebuilt or re-downloaded automatically when needed.
What is it?
Unreal Engine stores its shared local Derived Data Cache in ~/Library/Application Support/Epic/UnrealEngine/Common/DerivedDataCache: compiled shaders, cooked textures and other processed versions of assets for all your projects. Typically tens of GB.
Compiled shaders and cooked assets. Unreal rebuilds them when a project is opened (can take a while).
What happens if you delete it?
Unreal rebuilds what it needs when you open a project, which can take a long time for large projects, mostly spent compiling shaders. Your project files are not affected.
How to remove it properly
Quit Unreal Editor and the Epic Games Launcher, then move the folder to the Trash in Finder (Go › Go to Folder… ~/Library/Application Support/Epic/UnrealEngine/Common/DerivedDataCache).
Quit the app that uses it, then move it to the Trash. Empty the Trash when you’re sure.
How MoreRoom helps
MoreRoom recognises this item, shows its real size and when it was last used, and labels it “Safe to remove”. In the free version you can move it to the Trash in one click, with Undo; Pro collects every safe item at once.
Frequently asked questions
Is it safe to delete Unreal Engine’s DerivedDataCache on Mac?
Yes. Rebuilt or re-downloaded automatically when needed. Unreal rebuilds what it needs when you open a project, which can take a long time for large projects, mostly spent compiling shaders. Your project files are not affected.
Will Unreal Engine shared cache (DDC) come back after I delete it?
Yes. Unreal rebuilds what it needs when you open a project, which can take a long time for large projects, mostly spent compiling shaders. Your project files are not affected.
How do I remove Unreal Engine shared cache (DDC) properly?
Quit Unreal Editor and the Epic Games Launcher, then move the folder to the Trash in Finder (Go › Go to Folder… ~/Library/Application Support/Epic/UnrealEngine/Common/DerivedDataCache).