Which feature allows you to reference and use effects without rendering them immediately?

The feature that allows you to reference and use effects without rendering them immediately is indeed the one that relates to effects themselves. This feature is integral to many editing software applications, where you can apply various effects to your footage and see how they will look without needing to commit resources to rendering those effects right away.

Typically, this enables a more efficient workflow, as editors can experiment with different looks and styles, adjust parameters, and get real-time previews. This flexibility is crucial for creativity, allowing for quick iterations and adjustments without the wait times that rendering involves.

In contrast, linking or using subclips typically doesn't refer to the application of visual effects but rather to the organization and management of media files. Motion effects also point specifically to dynamic adjustments related to movement, but they still often require rendering for the final output in many contexts. Thus, the focus here is that the essence of applying the effect allows you to manipulate footage with the assurance that you can adjust settings without an immediate performance cost.