@PaulyT , FWIW, here is a simplified look at DSP via FFTs and iFFTs. Please forgive me if this is common knowledge and others feel free to correct my errors.
Sound/Music is a summation of an infinite amount of individual frequency bands.
Each frequency band has a phase and a frequency range with amplitude.
FFTs and iFFTs allow you to isolate, access, analyze and manipulate each band individually switching back and forth between frequency and time domains.
The more taps you have, the more bands you have. The more bands you have, the finer grain resolution you have (e.g. bass and treble controls vs a 24 band graphic equalizer, but with phase control as well).
Here is an animation depicting individual frequency bands summing in realtime to create a square wave at the bottom. To get a perfect square wave, you need to sum ALL frequencies from DC to infinity, not just frequencies from DC to 20kHz. FFTs and iFFTs allow you to go back and forth between the top 4 traces and the bottom summation (decompose a complex signal into individual discrete frequencies, optionally modify and then reconstruct the whole).
To implement DSP, you need a number of "taps". A tap represents a frequency band. Its width represents the resolution in hertz.
The more taps you have, the finer grain resolution in hertz. The finer the grain, the more precise adjustments can be.
Lower frequencies require more taps because a 5Hz width at 20Hz is different than a 5Hz width at 10kHz (e.g. [20-40]Hz being an octave compared to [10 - 20]kHz being an octave).
For a more tangible example, imagine a long foosball table with a lot of rods. Each rod represents a frequency band with phase.
The "with phase" is important. Graphical equalizers typically work on frequency amplitude, not touching phase.
This allows you to not only adjust frequency amplitude but also phase. This is important to integrate speakers in separate cabinets (e.g. sub/mains, sub, bass, high cabs) or non-time aligned drivers in a single cabinet.
If you have more of these long tables and line them up end to end, you achieve finer grain resolution.
Each rod can be slid in and out and twisted by a player (processing power).
The rod manipulation can be envisioned as changing both the amplitude and phase in each band independently of every other band represented by other rods.
The speed of the players (which some players are truly amazing, definitely not me) equates to the processing power of the DSP. The more processing power (better players), the more taps can be processed simultaneously (better game outcome).
Boxed DSP solutions tend to be tap and processor limited. If they take analog signals, they add the overhead of an ADC to the mix which has its limitations that
@MakeMineVinyl has mentioned. Current PC hardware allows you to bypass and periodically improve on those limitations from one CPU generation to the next. Single thread speeds are still important.
Hope this simplified depiction is of some benefit to someone.