Toggle on origins, then you can see the local center (0,0,0 point, the blue dots, red if selected) of each model, but also nodes that don't have a model. The dots move around as parents get 'translated' and 'rotated'.
If an object has a model associated with it, and if the model is not placed on it's own local center, then the dot (origin) will not be in the middle of the actual model. Clicking 'center view' prefers to focus on the model itself rather than the origin, but if no model is linked, then it will always be centered over the origin of the node.
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