Reference Viewer Help : Which references will be loaded into the game? Left side or Right side?

I apologize If the question does not make sense. I’m just learning about Hard References and Soft References.
I looked at the Reference Viewer documentation,

And it says,
(1) is other assets that reference the selected assets
(2) is the selected asset
(3) is other assets that are referenced by the selected asset

I found out that, having a Hard Reference to any asset means loading that asset blueprint into memory at runtime, even if you don’t use it.
What I’m confused about is which assets exactly will be loaded when I load the selected asset?
For e.g. If I load the selected asset (which is number 2), then will all the assets in (1) be loaded or all the assets in (3) be loaded?
Or will both be loaded?
According to my (very limited) knowledge, I think assets in (3) will be loaded. But I may be wrong.

If you load something in 2, everything in 3 will also load.

If you load something in 1, everything in 2 and 3 will load.

It’s also recursive ( each graph can be made from sub graphs ).

That clears it up.
Thank You :smiley: