Adobe Audition CC is a multitrack wave editor designed to fit seamlessly into the Creative Cloud family of apps. It is to provide you with faster and easier tools to edit audio from apps such as Premiere or After Effects.
There are two ways to use effects, Track and Clip. Track effects are like regular DAW like Cubase or Logic, and process everything on a track in realtime, remaining ‘live’ until rendered down. Clip effects has allows you to glue the effect into just one clip which allows other clips and material on the same track completely unaffected.
Read more about this here: https://ask.audio/articles/adobe-audition-cc-track-vs-clip-effects