If I understand your question correctly, yes the Gain/Master/T/M/B work like any amp. The editor does give you more control on the effect and some different versions of the effects and speaker emulations. The effect control knob increases the overall effect going from subtle to more pronounced. Personally, I prefer using the editor for the effects. Any changes via the knobs after the parameters have been saved are overridden by the knob setting (I hope I am making sense). So if you set the tremolo using the editor, save that setting, but then adjust it using the knobs, it reverts to what the knob settings provide. I just switched to V2 and for me, it is a little warmer (I like it). I hope I was able to help some.