Midway for most overclocking, unless you are pushing it very far and I really doubt you'll get much more out of it on that board, say about a 4, is probably a pretty safe bet on that board. Mostly if you are unfamiliar with the LLC settings on a given board you need to simply experiment with it. The majority of boards aside from Gigabyte have done away with the standard, high, very high and ultra LLC configurations from what I've seen and moved to more granular percentages or level factors ranging from usually about 1-8 as you see there.
My much older ASUS Maximus Hero VIII for example also shows levels 1-8 and with a 4.6Ghz OC my vdroop is very moderate while also not seriously increasing my package or core temps. I'd start at 4, run Prime95 version 26.6 Small FFT and see how thermals are affected as well as how vdroop behaves. You may need to raise or lower the LLC based on whether you can accept the vdroop with a lower setting (Which is usually preferable due to lower thermals) or whether you NEED to lower it due to increased core temperatures.
I haven't done any overclocking on that board, or any MSI X470, yet, but I suspect you'll find the behavior much the same as with previous generations.