for me, I primarily use this as a way to chain axolotl's together... so minimum latency is important.
otherwise the last in the chain would have 3x 2ms... so 6ms is perceptible. a low tech solution till we have digital audio between axoloti
not really thought about it for pedal dry/wet, I suppose it could be used for that, though you would have to be careful with matching gain levels. the codec only supports a few levels, so mixing dry/wet, I don't think is practical.
but I can see a simply bypass might be useful, so you could switch it in/out, when out you do the levels in the patch. the might be really useful if your switching patches... eg. bypass effect, load new patch, switch in new patch ... that way you wont loose audio.
not quite sure in practice how much id use this, Ive a mixer in the studio, and am planning on getting a small portable one for outside... so id probably do this on the external mixer.