Basically, yes, if your system can handle it.
You need to use the 'Input Monitoring' feature.
In the Audio Prefs area is a selection for 'Allow Input Monitoring' (in recent versions). This allows hearing the FX assigned to the track you are recording while you are recording them. In my basic mind, it hijacks the input signal, routes it to the software FX and then allows you to decide what next ..

There is also another optional selection for 'Allow IM Recording'. This records the audio track with effects. Select this option to also 'print' those FX to the recording, or do not enable this option to just hear them and not write them afterwards.

Phrased differently; to hear it while recording without 'printing it', you would enable the first option and not enable the second option. Then you can hear realtime effects on the input, but do not record them.

This *may* require use of an ASIO driver to work effectively .. depends on the system.
But to my knowledge, that's how PGMusic enables this option.

Last edited by rharv; 05/09/18 01:52 PM.
Make your sound your own!
.. I do not work here, but the benefits are still awesome