While in Live Editing View, you can cut between multiple shots, such as close-ups of different people's faces.
To cut to a close-up of a subject in your shot, tap on the desired subject. For instance, if you have a specific speaker on a panel and want to see only that specific person, tap on their face; the camera will cut to a close up of their face.
If you tap and hold until you see a white box, you can drag your finger to adjust the shot prior to cutting or use a second finger to adjust the size of the crop; releasing will take the shot live.
Video Terminology: "Cut" is a video/film production term for an edit where the view changes in a single frame with no overlapping or movement of the shot.
You can see what is live in the Program Output view at the top-right of the app. You will also see a rectangle over the area that is being shown to your viewers.
You can also cut between shots using the Action Menu.
To do this, hold your finger down on part of the screen until four icons pop up. If you're satisfied with the shot, drag your finger to the scissor icon to perform the cut. If not, remove your finger and select a different shot.