Does the new audio engine replace something like wwise ?

Hi I’m rather new to game development trying to learn all the ends and outs from 3d modeling and texturing to level design and particle effects to setting up multiplayer servers but anyway my main question is does the new audio engine allow that you to create audio from scratch such as footsteps or gunfire , background sounds, and music ? and if not then should I still try learning wwise , Could someone tell me what benifits using the new sound engine and steam sound are as im still not sure what steam sound does vs not having it at all ? Thanks :slight_smile: