I appreciate the suggestion but the current setup I have of the boomerang travelling in a straight line a certain distance before homing in on the player character’s location when it returns is exactly what I want.
Also the fact that your setup doesn’t address how the boomerang detaches/reattaches itself from the player is a major issue as that’s basically my biggest problem that needs to be solved.
On that subject, since I haven’t been able to figure out why the boomerang won’t automatically reattach to the player character’s hand upon returning to the player character, I decided to create a button input for playtesting/problem-solving purposes that when pressed would manually reattach the boomerang to the player character’s hand.
Pressing the button causes the boomerang to reattach properly which is good but the boomerang isn’t properly rotated causing the boomerang to be sticking out the player. This is turn causes problems with the boomerang being thrown again as the boomerang’s momentum appears to be being dragged down by overlapping with the player character’s model.
In fact, I’ve noticed that when the player character throws the boomerang in general, the boomerang isn’t rotating properly.
For reference, this is how the character throws the boomerang within Blender where I originally created all the animations.
Meanwhile, this how the same animation looks in Unreal Engine.

As you can see, the boomerang isn’t being properly positioned for when its thrown, resulting in the boomerang spinning in the wrong way as well as it being held in the wrong manner upon returning.
Does anyone have any idea on why the boomerang isn’t being properly positioned like it did in Blender?
As for the problem of why the boomerang isn’t properly reattaching itself to the player character, at this point I’m almost 100% certain that the culprit lies here with the ‘Is Overlapping Component’ Branch node condition.
When the re-attachment part is separated from the rest of the code and instead handled by a button press, it works, aside from the boomerang being in the wrong position but as I’ve established above that’s not because of the re-attachment process.
The problem is that I don’t why the Branch node condition isn’t working and I really need somebody to identify why this is happening and what I can do to fix it.