Create new function in the player inventory component called Can Consume, add an input variable type S_ItemInventory called Item In and 2 bool type out puts one called Can Use and another Called Effect Health.
Create a new variable on the player inventory component called Allow Consumables To Kill Player and set the type to bool and tick the eye icon next to the name.
In the Can Consume function you created follow the screenshots below
Then make the changes shown in the images below in the Consume Item function.
Overview of the changes in the function
Enable or disable the Allow Consumables To Kill if you want the player to be able to consume items that damage them until death.