That splains it purdy good.
It should come up and start working on a default. For example, the Studioverb 2 comes in to my bins and has way to much verb..... about a 50% rate.
You can also click on the default box ... actually the down arrow..... and a drop down list of existing presets will open. So once you insert the FX and dial it in the way you like it, you can save it as a new preset.... say... "Main Vocal Verb Shine" ... so the next time, you can load that preset.