It's not Cubase that would respond to this, but the VST instrument or external synth/sampler, and it only applies to velocity, according to http://www.midi.org/techspecs/ca31.pdf
. Does Kontakt Giant support it?
Cubase doesn't care what a particualr CC does, it just transmits it through the midi out to whatever is hooked up.
btw, there is actually no such thing as "Hi Res MIDI", this is an attempt to expand velocity from 127 possible values to 16384.