Insert cross fade on every cut

Audition will certainly add a default fade at the start and end of two clips, but to achieve an actual crossfade you still have to overlap them. You can test this for yourself by setting the 'Smooth all edit boundaries by crossfading' setting to 500ms, lining up to clips adjacent to each other, and listening to a half second fade out on the first one, and a half second fade in on the second...

This facility is primarily intended for use on cuts and edit boundaries in Waveform view, with the specific intention of getting rid of small clicks - in this view it appears to crossfade, but in Multitrack it doesn't do quite the same thing, so it's slighly misleading labelling, I feel. You may well be able to achieve what you are after, but strictly speaking, they won't be crossfades unless you manually overlap them.