I used to channel everything through my hifi system amp and then use the headphone out on the amp to plug into my laptop mic input for using audacity, and monitor the sound through headphones using the laptop headphone jack. Audacity does has built in noise reduction that you can implement after you've recorded what you want, but I generally just put up with a bit of hiss tbh, esp. with tapes. I use the amps bass/treble to sculpt the sound to something I like prior t recording. I did have a problem on an old laptop with Audacity. It just stopped working. Even uninstalling/reinstalling never worked for some reason, it just decided it didn't like the programme. It had worked fine for years prior to that...guess the laptop got glitchy. Prob not much help to you, but there's usually a workaround.
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