Hi Chris -
When you use a virtual instrument in a DAW (Ableton Live or any DAW) it doesn't record audio, it records MIDI data. You insert the plug-in in the instrument slot on a MIDI track (not an Audio track) and play it from a MIDI keyboard (or other MIDI controller) and what's recorded is MIDI note data -- the performance data only, not the audio. In playback that recorded MIDI note data will trigger the sounds/notes from the plug-in -- the MIDI note data is separate from the instrument sound being triggered. That way you have more flexibility than if an audio wave was recorded -- you can tweak the sound in the plug-in or even swap it out for a different instrument after the performance has been recorded. You should see a display of the MIDI note data as note bars in the Clips, and you can open the Clips in the Clip Editor at the bottom to tweak/edit/quantize the MIDI performance data, if desired.
If at some point you want/need to permanently print that track as an audio file, you can either Freeze & Flatten the track, or simply route its output to an audio track and re-record it an audio file that way.
If you're new to all this, in the Ableton Live course attached above (click More Info) you might want to check out the videos on MIDI vs Audio tracks (7, 8) and recording & editing MIDI tracks (18, 19, etc)..