The placement distance controls how far from the player the preview can be placed, to change these settings go to the BP_PlayerPowerComponent and select the Class Defaults then find the Placement Settings then find the Placement Trace category.

Placement Trace Distance – This is how far from the player the preview device will be placeable, this value is in CM so 500 is 5 meters. This means the player will be able to place devices upto 5 meters away from their current location.

Placement Trace Channel – This is the collision trace channel used by the placement trace its default value is Preview