If you're going to be using a particular effect frequently, or if you want to save a particular combination of settings before experimenting with alternate adjustments, you can save a template of the effect in a bin for use at any time in the future.
Drag that icon to any open bin and release the mouse button.
To later apply the effect, simply drag-and-drop it from the bin onto a Segment(s).
Render the effect. Note that you may have to first open the AudioSuite in order to launch the software components that process the AudioSuite effects. The components are part of what is called the Digidesign Audio Engine (DAE). You can render the effect using any method you like, including: