Actor Significance Component
Actor Component
This is the main component that you'll have to add to an actor to update any of it's parameter. This is the same like adding any component to an actor.

Once the component is added, select it and you can configure it in the details panel. The component is already pre-configured by some distance which might work for your project as well.

Let's take a look at these settings:
Tag Name: A valid name that is used to register the owning actor with the underlying Significance Manager object. This must NOT be set to None.
Auto Apply Tick Variation: This is simply an helper setting to automatically adjust the tick rate of the owning actor (which is critical for performance) based on distance. If the component is added to a Pawn or Character based classes, then the tick rate of movement component is also adjusted.
Significance Distance: Significance value to set based on the distance from camera where Critical is the closest to camera and No Priority is the farthest.
Event
As mentioned before, apart from the above settings you can change absolutely anything when the significance is updated. This can be achieved by adding the On Actor Significance Updated event. Right click on the Actor Significance Component you added, and select OnActorSignificanceUpdated event from the Add Event context menu.

Alternately, you can select the Actor Significance Compnent and click the + button next to On Actor Significance Updated name.

Once you add it you will see the event node on the Blueprint Graph. From that node you can switch between the significance events and update any parameters or load/unload certain effects or sounds or do anything you want.
Below is an example setup:

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