In the Multitrack Editor, you can apply up to 16 effects to each clip, track, and bus and adjust them while a mix plays. (Apply clip effects if a track contains multiple clips that you want to process independently.)
You can insert, reorder, and remove effects in the Editor, Mixer, or Effects Rack panel. Only in the Effects Rack, however, can you save favorite settings as presets, which you can apply to multiple tracks.
In the Multitrack Editor, effects are nondestructive, so you can change them at any time. To readapt a session for different projects, for example, simply reopen it and change effects to create new sonic textures.