Adobe Audition CC is a multitrack wave editor and since it's made by Adobe, it has been designed to fit seamlessly into the Creative Cloud family of apps to provide you with faster and easier tools to edit audio from other apps such as Premiere or After Effects. But it's also a fully fledged audio studio in its own right, perfect for everything from denoising to podcasting or mastering. In the short video below from the course Adobe Audition 201: Premiere / Audition Workflows, Hollin Jones explains the differences between track and clip-based effects in Audition.
Essentially there are two ways to use effects in Audition. Track effects are much like you would find in a regular DAW like Cubase or Logic, and process everything on a track in realtime, remaining 'live' until rendered down. Clip effects - which also do have an equivalent in many DAWs now - are different in that they 'glue' the effect onto just one clip, leaving other clips and material on the same track completely unaffected.
In the video you will see how these two types of effects are useful for different tasks. For example if you wanted to apply a compressor and EQ to a voice track featuring a single person, it would make sense to apply is as a track effect as you want the same treatment over the whole track. However if you had several voices on the same track, it might make more sense to affect them separately using clip effects. Or get a special fx feel by applying a delay just to one sound on a track or one section of a clip, and leaving the data around it unaffected. These are just some of the things you'll learn in this advanced course.