How to save UObject that is represented as an asset in Unreal Engine

bool SaveToAsset(UObject* ObjectToSave)
{
	UPackage* Package = ObjectToSave->GetPackage();
	const FString PackageName = Package->GetName();
	const FString PackageFileName = FPackageName::LongPackageNameToFilename(PackageName, FPackageName::GetAssetPackageExtension());

	FSavePackageArgs SaveArgs;
	
	// This is specified just for example
	{
		SaveArgs.TopLevelFlags = RF_Public | RF_Standalone;
		SaveArgs.SaveFlags = SAVE_NoError;
	}
	
	const bool bSucceeded = UPackage::SavePackage(Package, nullptr, *PackageFileName, SaveArgs);

	if (!bSucceeded)
	{
		UE_LOG(LogTemp, Error, TEXT("Package '%s' wasn't saved!"), *PackageName)
		return false;
	}

	UE_LOG(LogTemp, Warning, TEXT("Package '%s' was successfully saved"), *PackageName)
	return true;
}