The Preterist view: They see this passage as referring to the saints who escape (emerge from) the tribulation or are the martyrs from the destruction of the Temple in 70 A.D. Many see this as Judaism’s end and that the church replaces Israel. (I do not believe this is biblical). See Romans 9:1-13.
The Futurist view: They see this passage as literal, and that a greater number of Gentiles will be saved than the 144,000 Jews who will be saved. There is an in-house debate over whether the Gentiles who are saved are taken before the rapture and tribulation, or new converts after the rapture, or if there is a post-tribulation rapture. Many of this view see these convents as a lesser level of Christians because they did not come to faith through the “proper” channels. Others do not believe this is the heavenly throne as the passage indicates, but rather an “earthly throne” because it contradicts their theory. They see these “Elders” as distinct from the “24 elders” who are representatives of the Church. Some see this as the rejoicing of the Christians who claim victory after the tribulation is over.
The Idealist view: They see the winds in the passage as symbolic for the “church triumphant” being glorified in heaven. The symbols of purity and victory are preeminent as the earthly trials and tribulations are over. The robes being washed in blood (that normally stains) is the ultimate “whitener” that cleans and purifies us so we can stand before God. It is all about Christ and His sacrificial death and atonement for us, His Church. Most see this as Christians overcoming the trials and persecutions of life, and overcoming, by faith in Christ, at any time in church history, not necessarily one, great, final, seven-year tribulation. It would rather include the ordeals and hardships that have besieged the Church ever since her inception. The tabernacle is representative of the shelter and refuge we have in Christ. He is our hope and leads us because He dwells with us; He has a plan and purpose, and will carry us through when we have faith in Him.
The Historicist view: They see this passage as an encourager to the Church when the Church will face (or has faced) extreme hardships and persecutions. The crowd is the sealed, as previous noted; they are the triumphant and victorious conquers who fought the good fight…perhaps a small grouping of the same people who are given special favor.