Using the latest version of Hitfilm Pro (2018) and tried to use the Audio Wave effect on a video with Audio that I exported using the Hitfilm YOUTUBE 1080 HD preset. When I add the effect onto the composite either directly onto the media or on a new layer, it seems to have trouble playing the audio back and creates noise, mostly on the louder parts, but without the effect it is fine.
If I replace the sound which is a music track with the original M4A and use that as the source the problem goes away.
I also ran a test where I took the same exported video from Hitfilm and loaded it into another editor, re-exported it to MP4 - H.264 with AAC 160 kbps, 44100hz Stereo and re did my test, this time however no sound issues. It looks to me that there is something in the original Hitfilm export that the Audio Wave effect does not like.
Ps: Hitfilm Pro 2017 has the same issue if I use the Hitfilm Pro (2018) export. Not tried an export from 2017 ver yet.