The Viewport panel shows the visual representation of a Blueprint and its Components. The Viewport panel has controls similar to the Level Editor, which you can use to manipulate the location, rotation, and scale of the Components.

The following screenshot shows the Viewport panel of the ThirdPersonCharacter Blueprint that is in the Third Person template. There is a SkeletalMesh Component that represents the player, a Camera Component that defines the view of the player, and a Capsule Component that is used for collision test: