No, it isn’t only for recording. It is simply a remote control mainly for the mixer and macros. You can use it in Cubase for mixing very well. But have in mind that you have to set up first your project. You can’t change plugins or access their values easily. Probably using an iPad as second screen is the better option for you.
I do both. For the second job I use “duet”.
But the nerdy kind of control freak will use Lemur or touchOSC with self configured surfaces.