In this verse, بٰرَکْنَا حَوْلَہٗ refers to the terrestrial MiꜤrāj, from Makkah to Masjid al-Aqṣā.

لِنُرِیَہُ مِنْ اٰیٰتِنَا

that We may show him Our great signs

this refers to the celestial MiꜤrāj, in which Allah showed His signs to His beloved and had him undertake a journey spanning the earth and heavens.

The final part of the verse:

اِنَّہٗ   ھُوَ  السَّمِیْعُ  الْبَصِیْرُ

He is the All-Hearing, the All-Seeing

refers to the lā makānī MiꜤrāj. The Messenger of Allah صَلَّى اللهُ عَلَيْهِ وَاٰلِهٖ وَسَلَّم is specifically mentioned to be hearing and seeing in this part of the verse. This means only he possesses capacity and ability to see the signs of Allah and to see Allah Himself; therefore he was taken on the MiꜤrāj.^[1]

How the MiꜤrāj is a proof for finality of prophethood

O those who love Allah’s Messenger! The MiꜤrāj journey is evidence for the fact our Prophet Muhammad صَلَّى اللهُ عَلَيْهِ وَاٰلِهٖ وَسَلَّم is the final of all Allah’s prophets. Allah declares:

لِنُرِیَہُ مِنْ اٰیٰتِنَا^[2]

that We may show him Our great signs