If you’re looking for a way to visually fake the effects, I’d advise against that. I’ve found it’s generally a much better idea to render some hidden audio using the real audio algorithm and just let the thumbnail draw it, rather than trying to implement a graphical version of an effect.
Yes, but it’s a lot more trouble to implement and maintain, except in the simplest of cases. Originally Tracktion was done like that, but learned the hard way that it’s better to just do it properly!