Bounce Tracks in Place ⌃⌘B
Render all tracks to audio files. I like to do this when I finish a mix. I keep the effects plug-ins enabled, but typically leave Volume and Pan automation off…I use the Bounce and Replace version of the command.
If I have summing stacks in place an effective “stem” is created for the members of the stack.
You can perform an in-place bounce-and-replace for all audio, software instrument, and Drummer tracks in the Tracks area.