If you want to become a great talent, first you must conceal your blade point. The struggle of the great way, will show who is a hero! I think the first 2 clauses are more or less self-explanatory, if you are too eye-catching without the strength of self-preservation the you'll bring unwanted attention and crises on yourself. For 大道之争，方能显现谁是英雄 it's basically saying “he who laughs last, laughs longest” in a roundabout way I think.
I believe it is something like [when there was a great conflict in morality, they would then know who was the hero!] From my understanding, I think the author is trying to say that if you want to become strong, you must first hide your might so that people would not hinder your path since they wouldn’t get jealous of your might and try to ruin you. But when it comes to the point where you should use the power, a hero would be one that would use his power even if it might lead him into trouble. I might be wrong but I tried xD
I felt it meant more the struggle for supremacy in the cultivator world, since 大道 generally means “Grand Dao” or “Great Way” in a cultivator setting. I'm not a native Chinese speaker though so my interpretations may be off. It could also simply depend on the author's intentions.
The explanations of the above two netizens are basically correct. But about "大道之争", even I, a Chinese, can't be sure what the author means, I think this requires specific story backgrounds and contexts. And, of course, I may think too much, the author just feels that this sentence sounds very... You know.