Audio effects are previewed in a 10 seconds loop.
Why a 10 seconds loop?
Processing audio effects requires a lot of computing power. Using a 10 seconds loop makes effects processing quick. To go back to full-length playback, either apply or discard the effects changes being previewed.
Tips:
You can seek to a different time in the collab while effects preview is on. You don't have to exit effects preview to publish/submit your audio mix changes.