Steps to reproduce:
Open UE4 Editor.
Go to New Project, choose Code Third Person, name it anything you want, create it.
Build in VS, open .uproject to verify that it works.
In Editor, go to File >> Add Code to Project and select World Settings as parent class, type in any name, and select Create Class.
Open VS, close Editor, and build the game again.
Open the Editor again to verify that it still works.
In Editor, open Edit >> Project Settings, then go to General Settings. Change the World Settings Class to the newly created class. Click Set as Default at top. Hit Save and close Editor.
Re open editor and you will get the following error message:
Default Property warnings and errors:
Error: CDO Constructor: Failed to find
Class’/Game/Blueprints/MyCharacter.MyCharacter_C’".
The Editor message log will contain the following errors and warnings:
/Game/Blueprints/MyCharacter : Can’t find file for asset. /Script/TP_ThirdPerson
Failed to load /Script/TP_ThirdPerson.TP_ThirdPersonCharacter Referenced by MyCharacter Property /Script/Engine.Blueprint:ParentClass
Failed to load /Script/TP_ThirdPerson.TP_ThirdPersonCharacter Referenced by MyCharacter Property /Script/Engine.BlueprintCore:GeneratedClass
Failed to load /Script/TP_ThirdPerson.TP_ThirdPersonCharacter Referenced by PackageMetaData
The third-person character is now broken; camera moves freely around scene and there is no pawn.
Go back into the Project Settings menu and revert World Settings Class to the default WorldSettings, hit Set as Default, then Save and close the Editor.
Open the Editor; the errors persist.