On the Work Order Group, Work Order Plan, and Work Order card you can find a new field that defines what should be the Asset Status when the Work Order is being performed.
Value given in the Asset Status During Work Order will be applied to the asset when you will change the status of the current work order to a specific (defined in the Asset Management Setup) value.
This value defines which status defines the Work Order as started. In our case - every time when someone is changing the Work Order Status to In Progress - Asset Status During Work Order is applied to the asset.
By selecting Change Asset Status Code on Child Assets the same status will be applied to all children of the asset from the work order.