What panel allows you to align layers with precision to one another or the composition grid?

The Align panel is specifically designed to facilitate the precise alignment of layers within a composition in Adobe After Effects. It provides various options that allow users to align selected layers to each other or to the composition's grid, making it a crucial tool for organizing elements in a visually appealing and structured manner.

Using the Align panel, you can easily center layers, distribute them evenly, and align them along the edges, ensuring that your design maintains a clean and professional look. The ability to make adjustments with precision is key when working on complex projects, and the Align panel streamlines this process significantly.

Other panels mentioned may serve different functions but do not specialize in alignment. The Grid panel provides guides for layout but does not offer the same direct alignment features. The Transform panel focuses on the individual properties of layers, such as position, scale, and rotation, rather than the relationship between multiple layers. Lastly, the Layout panel, while beneficial for organizing content, is not specifically tailored for alignment tasks. Thus, the Align panel is the correct choice for this question.