The TER format will not give you georeferencing, but otherwise it is best as it's TG's native format. If you need georeferencing, GeoTIFF would be best.
When you load the terrain, you should see a bounding box defining its edges in the 3D Preview in white. If you don't, your camera may be positioned in the wrong place to see it, or if using georeferencing then it may be positioned elsewhere on the planet. If you do see the terrain bounding box in your view, it may be either A: your camera is too high to see the terrain features or B: the features have somehow lost their height scale and need to be scaled up, which you would do with a Heightfield Adjust Vertical.
A screenshot of your 3D preview after loading the terrain might help diagnose further.
- Oshyan