There is an option under the viewport drop down called Game View (default hotkey of G). This will toggle the rendering to consider cull distance volumes (and other game specific renderers).
Static Meshes are not being visibly culled within the bounds of a Cull Distance Volume, until the user presses Play in Editor.
I attempted to locate a visualizer or show flag within the viewport or an Editor Preferences setting, but was not finding anything that could toggle the visibility of Cull Distance Volumes within the editor.
I am assuming this is intentional as the Cull Distance Volumes are calculating based off of the distance from the player camera and size of the object.
1. Create new BP_Template FPS project.
2. Add a Cull Distance Volume around the some of the boxes in default level.
3. Give the parameters simple values (Size 100 and Cull Distance 500).
4. Press PIE and change distances from the objects inside volume.
Head over to the existing Questions & Answers thread and let us know what's up.