You should never use phantom power when patching anything but a mike that requires that option, you can damage things.
Are you hooking things up the way they tell you too in the manual?
The Hi Z input is for guitar.
Is there noise when nothing is plugged in?
Have you engaged the compressor or other efxs?
If there is no noise when nothing is plugged in, that tells you the unit is working properly.
If the noise happens after you start adding amp sims and stuff then you are just hearing what happens when you add a lot of weird gain stages to you signal chain and don't have it optimized.