Izotope, associated with MIT researchers, makes arguably the best such tool for the pro audio industry. Their RX suite is truly miraculous, allowing audio engineers to visualize frequencies in a similar manner, but also offering brush-like tools to do things such as "deleting a dog bark from a guitar take" fairly easily.
Seems like you never saw or used SpectraLayers (commercial tool from Steinberg) or Sonic Visualiser (OSS project). Both have much more advanced visualization capabilities than RX. However, RX definitely has the more advanced "semi-automated" editing / repair features.
I've witnessed a large number of studios across the US and Latam using RX on a regular basis — places recording anything from indie stars to Grammy-winning artists.
