As you edit sequences, Adobe Premiere Pro processes audio in the following order, from first to last:
Gain adjustments applied to clips by using the Clip > Audio Options > Audio Gain command.
Effects applied to clips.
Track settings, which are processed in the following order: Pre‑fader effects, pre‑fader sends, mute, fader, meter, post‑fader effects, post‑fader sends, and then pan/balance position.
Track output volume from left to right in the Audio Mixer, from audio tracks to submix tracks, ending at the master track.