The documentation does not describe the node Automation Wait for Loading | Unreal Engine Documentation.
How is it used?
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Not sure if you will see this reply as I know this is an old post but for anyone else.
From testing the node seems to wait until everything has finished executing upon my level first loading, For example, I was using “event begin to play” node with the “take gameplay automation screenshot” node directly after in a blueprint actor placed in the world. The screenshot would never be taken properly due to the camera actor not existing in the world yet. But when I use the “Automation Wait for Loading node” just before I call the screenshot node it seems to wait either until the camera actor has spawned in or till the level has been fully populated. I would also guess from the latent action symbol, the node utilises some sort of time delay that is retriggered until something it is looking for in the level has been loaded/spawned (or until the on level loaded event has been called?). Hope this helps 
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