I just checked Audacity, it is 3.2.5 and still doesn't allow real-time effects.
That is to say, all the effects are greyed out when it is playing nor can you play the track if the EQ effect dialog is open.
Seems strange to me but I guess it's all in the price you pay :)
EDIT:
AHHHH HA!
You need to add vst plugins to get the real time effects....
Including a Reaper FX suite