Audio Mixer VU meter doesn't reflect levels on effects applied at channel level. If for example, you apply a Volume, or Normalize effect on a channel, the channels VU bars still show the clips values before applying those effects. The Master VU bar DOES reflect the changes. This makes it hard to review peak values and confirm that your effects are working. If you apply the effects on the individual clips, then the VU meter reflects the proper levels.
Also, if you apply the effects at the master level, the Master VU will not reflect the the proper levels.