YES!
Yes. USE THE FILTERS!!! I know it changes the sound, but you can combat that!!! Record whatever tracks you KNOW are gonna need to be cleaned HIGH!!! Then when you use the 'hum removal' filter etc...it doesn't seem to affect it much in the end. It's not perfect but it really helped me out. I record with a REALLY CRAPPY $30 mic. My vocals are ROUGH!!! Plus with a Large DOG padding around, background noise, etc. they're just a MESS, but I use Cool Edit Pro to 'clean that stuff out', then I pop the track back into cakewalk and life IS GOOD! It's fairly time consuming and not flawless. But it works. I swear.
I'm not a recording guru, but I know with my limited ability it has helped immensely.