The Effect tab shows you precisely where effects you applied are located in the audio clip you are editing.
On this tab you can perform the following on the effects:
•deselect an effect to disable it and preview the audio without the effect applied. Reselect it to reapply it.
•hover your mouse over the effect on the tab and then click to edit the effect in the effects panel.
•to remove effects, hover your mouse over the effect on the tab and then click on the individual effect. Click to the right of the panel to remove all the similar effects from the entire timeline.