Yes , you have to wrap the MH body type to the CC body ( I use Faceform Wrap for this ) but you also have to copy the skin binding from the MH body to the cloth in a DCC like Maya or Blender.
there are tutorials out there on YT 

I found the tut to transfer MH skinweights to clothing in Blender. Could you point me to some that show how to get the Metahuman morph in CC4? It'd be much appreciated. 

Instead of the woman he used you have to take the MH Dummy as source :



He is doing it the correct way but a little bit complicated :

Thank you so much Bassline! I'll check these out and get back to you. Thanks again!

Oh , I forgot Mesh Morpher https://www.meshmorpher.com/

It is a plugin to do wraps inside UE but it is way more than this . With Mesh Morpher you can recreate the whole Meta Human and its DNA file. ( one of the best UE plugins I have )
He has a lot of tutorials what you can do with it , also for CC Characters and cloth:  https://www.youtube.com/@PugLifeStudio/videos



I did this MH creature with Mesh Morpher :

Nice! I have Mesh Morpher too! But it was an impulse buy and I've only used it for goofy face morphs.  Forgive me because I'm not understanding the workflow yet.  So I wrap the mesh in a CC4 skin, export it as an fbx, then import it as a humanoid in CC4, rig it up, turn it into an iAvatar, then use it as a target morph with the morph slider?  Is that close, or am I wayyy off still?  

Also, how did you get the fur on the Minotaur character?  Is that Daz3D fur that youve converted to groom somehow?

Wrapping with Mesh Morpher and exporting the wrapped mesh out of UE will not work in CC4 because UE converts to triangles but you need quads. So to wrap the MH Dummy bodies to CC bodies you will need Wrap.
But with Mesh Morpher you could add morphs to the imported cloth to make it fit to other body types.  

I groomed it with Ornatrix.