In WaveLab there is no limitation to the use of VST plug-ins. They can be used wherever plug-ins can be inserted.
You can specify which VST plug-ins should be available in the Effects pane of the Master Section by using the Plug-in Settings dialog.
You can exclude VST plug-ins completely from WaveLab.
VST plug-ins have their own preset handling. You can save or load effect programs (presets).