You have Spectralayers on the event as an ARA extension - it “overrides” the normal audio editor.
If you want to get back to the normal audio editor, you either need to remove Spectralayers or make it permanent. You can do this by right clicking the event > Extensions. You’ll see the options to do these things there.
Could also just bounce-in-place the audio which would also make the Spectralayers changes ‘permanent’