What is software monitoring in Logic Pro X?
Software Monitoring lets you listen to record-enabled channel strips, including the insert effects. The insert effects aren't recorded, they are only monitored.
How do I enable software monitoring in Logic Pro?
Turn on input monitoring for an audio track
In Logic Pro, click the Input Monitoring button (with the āIā icon) in the track header. Click the Input Monitoring button again to turn off input monitoring for the track.