Basically, yes. I say "basically" because it's a two-step process in that you have to tell CEP which inputs (and outputs) you'll be using AND you have to assign I/O for the channels. Since CEP displays which I/Os are in use, it becomes pretty natural, and you can save any configuration by going to [Multi-Track View] File/Default Session/Set Current Session as Default and it will remember how you set it up for future sessions. Very handy when you're recording a series of songs, all using the same assignments, as when you have everyone set up in a room and you're using the same mics, DIs, etc for each song.