The purpose of this utility is to make it easier to render text onto render targets and according to various patterns which in turn can then be used as textures on materials. It is built to easily add your own patterns as well. An example of where this would be helpful is where you want dynamic text on screens or other surfaces in your environment or construct interesting textures using fonts that are mainly symbols to use in for example magic circles or runes in various configurations. Project opens on an example map showing BP setups for various patterns but the important parts are bundled as a plugin for easy transfer to your own project.
A google doc explaining what the component is and its main functions can be found HERE