Both really. You do several passes to lessen the chance of any artefacts appearing and alter the settings to suit each pass. I never use more than 12 - 15dB cut at any one time and always have less than 100% Noise Reduction. I also tend to tweak the graph manually to shape the noise reduction according to the spectrum of the noise. Also quite often I don't apply the noise reduction across the full bandwidth of the audio but select bands in the Spectral Display depending on whether I am trying to reduce LF or HF noise.
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