Transaction tracing displays internal calls to other contracts, as well as internal contract creations (compatible with Hardhat and Ganache).
It will also try to match called contracts with either your own local contracts or, if you are working on a fork, with mainnet contracts that have been verified on Etherscan.
Example trace of a replay of this transaction, on a mainnet fork.
The transaction was a proxy call, and all internal calls have been succesfully decoded by automatically importing the name and ABI from Etherscan.
All imported contracts are also accessible from the Ethernal interface and can be interacted with directly from there.
CREATE(2) calls are also handled.
This transaction created a new Uniswap pair. The new contract is automatically added to your Contracts page and once you add the ABI to it, parameters will be decoded in the trace.
Now that this contract has an ABI all subsequent created contracts that have the same bytecode will automatically get the same ABI associated as well!