For those looking for clarity, I have posted the answer here:
TAssetSubclassOf is now called TSoftClassPtr. A TSoftClassPtr can be used to async load a class (purple peg) from a given path. This allows you to access defaults (GetDefaultObject) and the such from the class itself. You can also use this to spawn actors from class.
TSoftClassPtr will create a PINK blueprint peg. This peg can then be dragged to async load into a PURPLE object class peg (you may need to cast to AActor in order to access SpawnActor).
TSoftObjectPtr can be used to Async load an object itself. This works for objects that aren’t spawned in the world such as a Texture Object. It will allow you to choose your object that you can load asynchronously. This is a LIGHT CYAN peg that will load into a BLUE reference peg. There’s no real way to select an actor using this method as the selection only allows you to reference actors currently in the world.