Not sure what changed from Cubase 6 to 7, but: The trick is to SPLIT the signal you are monitoring into a DIRECT component and a FX component !
Use latency free monitoring from your focusrite for the direct signal and from the signal that is routed through Cubase and has latency use ONLY the FX component.
In Cubase you have monitor ON on the track you are recording, the volume fader all the way DOWN and the sendFX switched to PREFADER.
This routing setup allows you to work with heavy projects and high latency settings, while still providing perfect monitoring. Its the beauty of Mixcontrol and the Focusrite that you can do this as it does not disturb if the FX component has some latency. I have the exact same interface and think it is very good. IMHO you do not need another interface…
Let us know how you are doing and if any of the tips here helped.