The selected layer (Shot 1) is a composition. In order to view that composition in the Layer Panel, you have to right-click or use the Layer>Open Layer menu to see a nested comp in the Layer Panel. If e you have any effects applied to that layer the Render checkbox in the lower right corner of the Layer Panel must be activated.
If you are trying to find something that is located inside the Layer 1 comp then the easiest thing to do is to take a look at the Flow Chart, expand it, and then double click the layer you want to see.