using Audacity for practise - like a mixing desk?

Good day I am new on this forum so apologies if questions have been asked
I use Audacity to edit and record but would like to find out if there is a way that I can use it or something simple to be able to practice the songs.
in other words use it as a simple desk that has the microphone on with effects on
my program is connected with a lexicon omega usb device that has inputs for guitar, mics and additional inputs.

is there a way i can do this?

thank you kindly

Audacity does not apply effects to the recording input. Effects are applied after recording.
Currently, effects are applied, while playback is stopped, to the selected audio, and immediately change that audio.

In the next version of Audacity there will be partial support for “real-time” effects, that are applied to a track on playback and/or mixdown. More info about this will be available when Audacity 3.2.0 is released.

Your Lexicon interface should have come with Cubase which should do what you want.

Or, there are other [u]DAW applications[/u] (most are not free).

Note that there is always SOME latency (delay) through the computer and effects often add their own latency. Sometimes it’s a battle trying to get the latency down to where it’s not noticeable.