The noise removal tools are intended to remove constant background sounds like minor hum or maybe a fan or air conditioner sound, not loud sounds that come and go as the performer moves. In addition, from your illustration, overloaded sound (red bands) is almost always permanently trashed.
It is possible with high energy or EDM to get a music track so jacked up that it appears as a sea of red bands and it’s not distorted at all, at least it matches the composer’s wishes. In that case, just Effect > Amplify to -1 or Effect > Normalize to -1 and the red bands will vanish and the music should sound like it did. But clicks and pops in a natural recording aren’t like that. Those are much harder to deal with.