The audio waveforms show the amplitude and time domains of the audio. This enables certain kinds of editing to be done directly on the audio waveform such as cropping, editing, crossfades and so on. However, you couldn’t set up an EQ by interacting directly with a conventional audio waveform.
The most sought after tool in audio editing would allow you to work in all three domains simultaneously. That’s exactly what Steinberg’s new SpectraLayers Pro 6 audio editor has been designed to do. It makes light work of removing unwanted noises, pops, clicks and such. It can even handle more fundamental issues such as hum and broadband noise.
Read more about this here: https://www.musictech.net/reviews/plug-ins/steinberg-spectralayers-pro-6-review/