It can’t do time based effects such as delay, reverb, flange, chorus, etc. The LSTM can model distortion, overdrive, compression to an extent, and amp circuits (including vacuum tubes).
But I will say that there is a project out there for time varying effects, but haven’t dug into it yet. I believe it’s a different method than the LSTM
https://github.com/Alec-Wright/NeuralTimeVaryFX