I use Ubuntu Studio. First thing to do is configure it with the included Studio Controls app, which is easy.
I used Reaper on Windows so it was easy for me to just use the Linux version. I’ve also messed around with Renoise which works well on Linux. People rave about Bitwig and it’s more similar to Ableton I think, but like Ableton it’s expensive. IMO you want want one of these rather than the built in FOSS DAWs, although to be fair I haven’t tried those recently.
All these come with some built in FX to different degrees. Ubuntu Studio also includes a bunch. The free Airwindows plugins are also well worth getting.
I have a couple of U-He synths which are top notch and run native on Linux. They have some FX too which I haven’t tried.
If you want to use VSTs you’ve bought it’s doable with Yabridge apparently, I haven’t tried it.