As of at least 4.14.1, all FBX files imported into UE4 are 100 times too large when “Convert Scene Unit” is enabled.
Unit settings when exporting the mesh has no impact, and neither does editing UnitScaleFactor inside the FBX file.
This is not a big problem with skeletal meshes/animations, where you can simply uncheck the box, but all camera animations imported into Sequencer are scaled up as well with no way to disable it.
This means a camera movement of 9 units (cm) becomes 900 units in Unreal, and I don’t see a way to scale Sequencer animations. This behavior is not present in 4.11.
Steps to reproduce:
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Download this FBX file of a camera animation exported from After Effects.
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Create a new Sequencer animation. Create a camera, and highlight the Transform track for the camera.
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Go to General Options → Import, and load the FBX file.
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In 3ds Max, the X axis is at about 9.6 units in frame 1. In Unreal, it’s at 960 units.