I read that audio engineers actually use specialized and very expensive ripoff hardware in their signal processing chain to replicate the effect of the electromagnetics (hysteresis?) of tape systems on the audio.
To me, this seems like wasted effort. Any such filter can be implemented using DSP.
Most commercial DAWs come with such algorithms already. (eg Logic Pro has "ChromaGlow" which can emulate tape, tubes, etc. https://support.apple.com/guide/logicpro/chromaglow-controls...)
There's also a thriving 3rd party plugin market for similar effects.