  In this study, we investigate the impact of microlensing on gravitational
wave (GW) signals in the LIGO$-$Virgo sensitivity band. Microlensing caused by
an isolated point lens, with (redshifted) mass ranging from
$M_\mathrm{Lz}\in(1,10^5){\rm M}_\odot$ and impact parameter $y\in (0.01,~5)$,
can result in a maximum mismatch of $\sim 30\%$ with their unlensed
counterparts. When $y<1$, it strongly anti-correlates with the luminosity
distance enhancing the detection horizon and signal-to-noise ratio (SNR).
Biases in inferred source parameters are assessed, with in-plane spin
components being the most affected intrinsic parameters. The luminosity
distance is often underestimated, while sky-localisation and trigger times are
mostly well-recovered. Study of a population of microlensed signals due to an
isolated point lens primarily reveals: (i) using unlensed templates during the
search causes fractional loss ($20\%$ to $30\%$) of potentially identifiable
microlensed signals; (ii) the observed distribution of $y$ challenges the
notion of its high improbability at low values ($y\lesssim 1$), especially for
$y\lesssim 0.1$; (iii) Bayes factor analysis of the population indicates that
certain region in $M_\mathrm{Lz}-y$ parameter space have a higher probability
of being detected and accurately identified as microlensed. Notably, the
microlens parameters for the most compelling candidate identified in previous
microlensing searches, GW200208_130117, fall within a 1-sigma range of the
aforementioned higher probability region. Identifying microlensing signatures
from $M_\mathrm{Lz}<100~$M$_\odot$ remains challenging due to small
microlensing effects at typical SNR values. Additionally, we also examined how
microlensing from a population of microlenses influences the detection of
strong lensing signatures in pairs of GW events, particularly in the
posterior-overlap analysis.
