yes. its one of the rare units that can do this. it can do it clean and dry or with FX. It works like a guitar pedal would, can be recorded with FX and no latency/direct recording.
Ive been reading all over about the Clarett which boasts even a better ability to do this, but with anyones-plug-ins, which would be awesome (but its in some development and requires some good computer etc).
The UX2, or UX8 if you can find it, can do this on 2 channels, like Mic 1 and Mic 2. I got the UX8 and was kind of bummed it could only do it on 1 and 2, also the other 6 channels are just normal like other interfaces.
Theres a software called Gearbox or Pod Farm etc... I prefer the original Gearbox only due to visual layout, but the Pod Farm works too. Some say the UX2 is like a dongle or something. Im not so articulate about how it all works.
But I was just like your comment, I plugged it in for fun and saw the guitar stuff ..ok...then the Bass sims..I thought cool!! then I saw the Mic Preamp sections of sims and was like "very cool...".
The LA2A compressor and the noise gates ...it all works well. You can create your own chain and save it too.
So I have like a SM7 saved-set, and a different saved set for the condensor. I usually use a PreAmp sim, then the LA2A comp, the Noise gate...then save it. Like a Channel Strip.
The guitar stuff is enormous selections and the Bass is good. Theres so much in there.
The one con I have with the UX2, and believe someone explained its USB powered units in general, is they use 5volts for everythign and can be a little weak. The UX8 has more gain on the knobs.....so I would recommend a preamp outside going to the UX2....even a small Rane MS1 or something can really get your mic gains right. Even a cloudlifter would work or something adding like 20db or so. You dont have to have one, and if your microiphone has decent gain output....you might not need the little-bump in gain. I like the SM7 and dynamics and those are low output mics. My condensors dont need a preamp outboard in the UX2 but they pickup a lot of room noises.
I think Line 6 says its a 20db preamp. Most common preamps are 60db.
For me to get the Clarett would require a new pc , big money. I use old cheap stuff and the UX2 has no drain. Thats another thing, by using the GearBox the CPU is not used at all hardly...very minimal.
Theres 2 ways to record they say...with everything on it going in and make minor tweaks later, or do it dry and have full tweak ability. I like going in a little "wet" at least with some comp and eq, I do the reverbs and stuff later.