as title mentions I am trying to display a component only when a certain picklist value is selected. My understanding is that you need to set the resource to the picklist choice set, and then further the value. Question is - do you write the picklist value directly or do you need to define another variable?
It is better to define a value in a variable and later use the variable to check the criteria.
Based on the selected value, component can be displayed only on the next screen. But to display on the same screen a decision block has to be added after the screen to check the value of a boolean variable further connecting flow back to the screen to display the component.