I followed a tutorial to create a weapon wheel in Unreal Engine 5. (https://www.youtube.com/@jeedev) - link to channel with 3 videos for wheel tutorial.
The video above shows how the wheel works. The player presses TAB to pull the wheel up which shows 8 slots, each slot having a different weapon in for them. Their is also an ammo counter and magazine ammo counter on each weapon respectively. When a item is clicked, a message pops up telling the player they have successfully selected a different weapon and their will be a outline above the currently selected weapon.
I also made a blueprint that allows the player to change between third and first person as shown above. When the player presses "C", the POV will change to either first or third person.