After importing an AAF file, you recapture the source material from the original tapes using the Recapture tool.
A new reel appears in the library. This reel is named the same as the AAF file with the added suffix AAF Import. Within the reel, the clip assembled from the AAF is named the same as the sequence in Avid.
You can load the reassembled clip into the timeline and proceed to tweak the effects added in the Avid application.