Start clean
Create a new Default or Basic level so nothing else is in the way. From Place Actors, drag a cube into the level. The cube is a component of the actor you just placed, and an actor can carry more than one component.
Add the Waypoints component
With the actor selected, use Add Component in the Details panel and search for “Waypoints”. The component acts as a small brain that can move its actor to points in the level, but it needs points to go to.
Place and connect Target Points
Drag a few Target Point actors into the level. Back on the cube, select its Waypoints component and press + next to Waypoints to add entries. Connect each entry to a Target Point by name from the drop-down, or with the eyedropper to pick one straight out of the level.
Time, speed, permission
A waypoint is a point in time as well as space: set the time for each leg or a speed, which overrides the time. Then the step that is easy to forget — set the actor’s Mobility to Movable, or it will stay exactly where it is when you press Play.
Explore the properties
Hover over the Waypoints component’s properties for an initial delay, looping through the list instead of stopping at the last point, and auto-rotating toward the next waypoint. The original tutorial text, updated in 2024 for both Unreal Engine 4 and 5, is in the forum thread linked below.