## EDIT ##
To show/hide the child component based on field value dynamically based on fields. Follow the below steps.

**Update JS with below code**

Define one attribute named `fieldsData` like

	fieldsData = [];

	handleOnLoad(event) {
		const fValue = event.detail.records[this.recordId].fields.Industry.value;
		this.fieldsData = [];
		for (let [key, data] of Object.entries(event.detail.records[this.recordId].fields)) {
			console.log(JSON.stringify(data));
			this.fieldsData.push({fieldApiName: key, ...data});
		}
	}

In HTML use the below code to show/hide your child component. This code will show the child component only if there is a value in the field.

    <template if:true={fieldsData} for:each={fieldsData} for:item="field">
        <c-child-lwc key={field.fieldApiName} if:true={field.value}>
        </c-child-lwc>
    </template>


> Use `lightning-record-edit-form/lightning-record-view-form` so the fields don't render by default, and you have freedom to show/hide the fields.

----------
## Before Edit ##

You dont need to use the `lightning-output-field` with `lightning-record-form`, `record-form` will automatically do it for you. Also you don't need to get the record using `getRecord` API, this is also auto done by `record-form`.

**JS**

    import { LightningElement, wire, api } from 'lwc';
    import { getRecord } from 'lightning/uiRecordApi';
    
    export default class DesignerFields extends LightningElement {
        @api indFields = 'Industry;NumberOfEmployees';
        @api objectApiName = 'Account';
        @api recordId;
        @api record;
        fieldsFormatted = ['Id'];
    
        connectedCallback() {
            this.fieldsFormatted = (this.indFields || 'Id').split(';').map(field => field);
            console.log(JSON.stringify(this.fieldsFormatted));
        }
    
        handleOnLoad(event) {
            const fValue = event.detail.records[this.recordId].fields.Industry.value;
            //Q1: fValue = "Education" the correct value. But "Industry" Field Name is still hard coded. 
            //How do I get the value for the field in {fld} variable?
            //Q2: How do I get fValue to render back in the HTML instead of the lightning-output-field
            //I tried this.dispatchEvent(fValue); and it had an error
        }    
    }


**HTML**

    <template>
        <lightning-card title="Design Attribute Demo" icon-name="custom:custom19">
            <template if:true={fieldsFormatted}>
                <lightning-record-form record-id={recordId} object-api-name={objectApiName} mode="view" 
                    fields={fieldsFormatted} onload={handleOnLoad}>
                </lightning-record-form>
            </template>
        </lightning-card>
    </template>