The Montage for sure.
No markers necessary, but CD markers may come in handy to enter metadata for individual songs. In the montage, you first see your audio file just like above (as one clip), then use the scissor tool to cut the separate songs. Now you have multiple clips, which are just representations of that particular part of the source wav file. By adjusting the sides of the clips, you can change the cuts after the fact. Clips can have their own processing, but also the tracks on which they reside can. You can create another stereo track and drag clips over if you want the same proces done to them by track effects.
You could apply effects on individual clips, or use the meta normalizer. I’d be careful with cassette recordings though, since they possibly are quite close together already.