Quite often the terms used in audio and film production are standardized. You should be able to google the effect listed in LumaFusion to get a basic understanding of what it means or stands for. Beyond that, it’s practice, practice, practice. Experiment with the tools until you know them inside and out. From there it will be much easier to edit in the future.
Also, the 1.4 announcement video on YouTube has a does a good job of briefly explaining a lot of the new features that were introduced. https://www.youtube.com/watch?v=uqmtJ1xee9M