If you face this error when trying to view application object hierarchy it means you have to install an option Visual Studio component.
You can install it from Tools\Get Tools and Features\Individual components\
Go to Individual components > Code tools > DGML editor and enable it
and then enable “Finance and Operations (Dynamics 365)” under “Uncategorized”
Click on “Modify” to install
After installed open Visual Studio and click on “View Hierarchy”
Now you can browse your object hierarchies