< Will it give me the ability to reduce or eliminate noise, so I can render an MP3 without static? >

Yes.

However, if rendering a song to MP3 is creating static during the rendering, that is an issue that is better fixed at the source. Rendering should not be creating static.
But if it is and you are currently repairing the rendered MP3 audio using Audacity, then likely the tools you're using in Audacity are also available in BIAB.

Common editing tools like cut/paste, volume automation, fade in and fade out are accessed from the Audio Editor and audio shaping and Fx tools like compression, delay, flangers, noise gates, de-esser are accessed from the top tool menu Audio drop down menu and they are currently only accessible on the Audio Channel but not the Utility Tracks. This isn't a problem because you just place any audio file onto the Audio Channel for that editing and then move it onto a Utility Track. The task will still be faster than exporting to a DAW and re-importing it back into BIAB for further processing. You will also be able to instantly audition your edits and make small corrections to timing and audio placement right in BIAB eliminating estimating and guesswork.

There are 19 editing tools located in the Audio Editor plus you can generate or regenerate an audio track from within the Audio Editor. There's another 19 Direct-X plug ins in the Audio Tool Bar which gives you nearly 40 Audio Tools in BIAB.

BIAB Ultra Pak+ 2024:RB 2024, Latest builds: Dell Optiplex 7040 Desktop; Windows-10-64 bit, Intel Core i7-6700 3.4GHz CPU and 16 GB Ram Memory.