Audio Editor
When you apply an audio effect and the rasterization option is enabled, a duplicate part is created immediately. When playing back, this part is used. This saves CPU but it takes disk storage. When the rasterization part is disabled, the audio effect is applied at run time (except a few effects like Noise Reduction). This saves disk storage but it consumes CPU time.

In both cases, editing the part is non destructive. When you add an effect, the original part is left untouched until you apply the "Bounce in place" arranger command.

Audio effects include: