Many Premiere users have noticed that the Multicam angles preview does not scale correctly when editing a 4K Multican into a HD Sequence/Timeline.
When creating a Multi-Camera Source Sequence from 4K clips, the resulting Multicam is in 4K as one would expect.
When you edit the 4K Multicam into a HD Timeline/Sequence, it looks zoomed-in of course. You then resize the Multicam to "Scale to Frame Size" or "Fit to Frame", or even manually scale it to 50%, and then the program looks as intended. The same way you would deal with regular 4K clips into a HD Sequence.
Now the complication is that the Multi-Cam view in the Program Viewer looks like all angles are zoomed in 50%. And so you are not seeing the entire image, but a central cop of the 4K images. You can't switch while seeing only half of the image, that's not good.
Instead do this:
Create the Multi-Cam Source sequence. As its name indicates, it is in fact a Sequence. Right click and Open it in the Timeline.
Go to Sequence settings, make sure it is the settings for the Multi-Cam Source Sequence currently loaded, resolution should be at 3840 x 2160. Change the resolution to 1920x1080 and save.
Now all the clips in the Multi-Cam Source sequence look zoomed-in. Select all the clips, right click and select "Fit to Frame". Now you can see the entire image.
If you now drag this Multi-Cam Source sequence that you just resized to HD into your HD timeline, both the program and the Multi-Cam View look normal and not zoomed-in. You can now switch/cut your Multicam while seeing all angles properly.
When you are done with the cut, flatten the Multicam. The 4K clips are scaled 50% in the HD Timeline, as expected. You can now reframe & reposition as needed.