This short Ableton tutorial covers how Audio Effect Racks and the Devices folder are organized in Live's browser, and the key loading pattern that applies to both. Audio Effect Racks are multi-device chains bundled with eight macro knobs for controlling parameters across the whole rack.
For individual devices, clicking the arrow next to any device in the browser expands its presets. Dragging the device from the top level, without expanding it, loads the default version. This distinction applies across Audio Effects, Instruments, and MIDI Effects.