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Certainly, there are a lot of possibilites available in the software. But don't lose sight of the fact that a logo need not be particularly fancy.
Think of the logos used by the Chicago Cubs, San Francisco Giants, Minnesota Twins, or Oakland Athletics. None of these are complicated; in fact, they're all fairly simple and straightforward in their designs, and yet these are all real-world team logos.
Indeed, sometimes a simple, clean design is better than something with lots of flourishes or effects.
So don't let yourself get too overwhelmed by the possibilities. Start with the basic set of tools and get comfortable being able to make nice designs that are reasonably uncomplicated. You can always add more effects and design complexity later on as you acquire more knowledge and experience.
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