I've done this in my own solution in this space (https://thundergroove.com). I use a realtime beat detection neural network combined with similar frequency spectrum analyses to provide a set of signals that effects can use.
Effects themselves are written in embedded Javascript and can be layered a bit like photoshop. Currently it only supports driving nanoleaf and wled fixtures, though wled gives you a huge range of options. The effect language is fully exposed so you can easily write your own effects against the real-time audio signals.
It isn't open source though, and still needs better onboarding and tutorials. Currently it's completely free, haven't really decided on if I want to bother trying to monetize any of it. If I were to it would probably just be for DMX and maybe midi support. Or maybe just for an ecosystem of portable hardware.