Where does the ARA 2 Version of SL 11 Pro sit in the signal path?

I’m using SL Pro 11 in Nuendo 13.

If I load a clip on a Nuendo track into the SL ARA Extension, where in the overall audio path does SL process the file? Is it just working on the actual source audio file, pre-any Nuendo adjustments? Or, if I’ve added EQ/Inserts on the Nuendo track will SL operate on the result of those?

Same for off-line processing …

If I want Nuendo processing to be added to the SL Clip, should I render clips in Nuendo before opening it in SL?

I note that if I have a Nuedo clip open in SL Extension, and then make a huge EQ change on the Nuendo channel EQ nothing changes in the SL display.

I’d just like to clarify what is happening! Sorry if it’s in the documentation … I did look.