[Peter Midnight]

Not sure if this is the answer you guys are looking for but I found a fairly simple work around. I use Audition for streaming ‘cleaned up’ mic audio for my youtube video game lets plays. I ran into this problem when I wanted to do a straight up record of my voice to then put it in After Effects but it wasn’t coming out like the live version. the hiss was still there.

So what I figured out was: I run my streaming software like OBS or Xsplit (capable of recording audio that goes to my speakers or headphones). I record the audio in audition, play it back (with the 5-10 grace for the effects to kick in) and then I record to HDD using my broadcasting software. It records the playback from audition flawlessly and then renders it out in like .mp4. Place the .mp4 in After Effects with that audio in it and turn off the video and voila

TL;DR >
There might be a faster/easier way to do it with other more simple audio recorder softwares that can record audio from your speakers/headphones. But to put it simply. Take your audio, place it or record it directly in audition, apply the desired effects, then play it back while recording it using another software (for me its Xsplit broadcaster or OBS)(both of them free OBS has higher quality audio capabilities.)