this post was submitted on 22 Dec 2023
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Piracy: ꜱᴀɪʟ ᴛʜᴇ ʜɪɢʜ ꜱᴇᴀꜱ
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I knew I was gonna get this answer but still couldn't be bothered to check the correct term so that's on me.
I think you're technically right because the EULA specifies that you basically can't use that code (or a modified version) outside of a licensed UE project, but outside of that it basically is. All the code can be read, the engine and/or its editor and all related tools can be compiled from the source, and you can make pull requests on the official repo.
IIRC it is not actually open source because you can't modify and/or repackage it without epic having their say in it (I think one of the licenses tiers is basically you agreeing to pay upfront + royalties for the authorization to modify the engine's code and ship the packaged version with the project)
It's called "source available"
A thanks for explaining. I didn't know that.