After Effects converts the next layer above into a track
matte, turns off the video of the track matte layer, and adds a
track matte icon

next
to the track matte layer’s name in the Timeline panel. The Composition
panel displays the fill layer viewed through the alpha channel of
the matte layer.
Note: Although the video is turned off
for the matte layer, you can still select the layer to reposition,
scale, or rotate it. Select the layer in the Timeline panel, and
then drag the center (indicated by a circle with an X) of the layer
in the Composition panel.