if you want to change just color, you can make material that uses sin function to animate color. Get sine, change its period. USe result to drive linear interpolation node (LERP) between two colors.
if you want actual static mesh to bounce, you can do same but in actor and its blueprint, then move static mesh component inside its local space.
you can also make morph targets for mesh, animate that so mesh changes shape
you can also make niagara emmiter and change your particles there
you can also use interpto node, set goal and let value slowly extrapolate to goal
There are spectrum analyzer plugins or subsystems. You can make that realtime.
However for visualizing sound i would suggest using materials. You can change colors, textures, deform meshes, rotate them or move, all in materials. It will be faster and much more optimized than doing that in blueprints.