Ableton's Learn Live series clarifies what stays editable on a frozen track: volume, panning, and clip launching all remain fully functional, so you're not locked out of basic mix moves after freezing.
If a frozen track has clips in both Session and Arrangement Views, Live freezes both. For time-based effects like delay and reverb, Live captures any audio that extends past the end of the last loop and stores it as a separate crosshatched clip in the Arrangement View.