There is no definitive "right way" to do this. What matters is the result. I can only tell you how I do it on the songs I write, record, and produce.
I try to record as clean and strong a track as I can given the instrument.
I listen to the track and determine if anything (FX) should be applied at the track level. Some tracks, depending on the need, get verb or EQ but generally not much of anything else.
I will create a sub buss if there are several similar tracks....such as a few guitars, or back ground vocals. If there are busses, I will generally place the reverb in the buss. If a vocal track is a stand alone one track only, then I will place any FX needed in that track.
In my master buss, I generally have a low level reverb and Ozone. Ozone has several modules in it and I use only what I need. EQ and some compression, maybe some widening, but only what is needed.
The important thing is to understand what these FX are doing, and to learn enough to determine what you need, where and when, and then most importantly..... how much.
Post your music and learn from the comments. If there is something specific you need to know, ask. For me, one of the most valuable resources in this journey recording music has been the songs forum and the great advice I have gotten there. Most folks here are fair and honest, and not seeking to put you down, but are offering advice to help you improve your skills. If you don't understand something, simply ask for a better explanation.