It gets the character’s world position + 500 in Z as the starting Location. Then, it’s “moving” 70 units from this starting point, considering the Actor’s rotation Forward direction.
Starts from actor position. Move up 500 units, then move forward(Actor rotation) 70 units.
You can literally call all these nodes from C++ methods. The only one you will have to write differently is getting Actor’s Forward Vector:
FVector UKismetMathLibrary::GetForwardVector(FRotator InRot)