Doesn't this depend on how much you want the "just like the record" sound of a particular Artist/Arrangement?

You said:

"Could I could produce MORE convincing backing tracks that equate EXACTLY to the cover songs I play?"

If I get you right, I would answer: NO.

Use a top quality Midi File.

It will almost ALWAYS be superior to an Arranger style.

But if you're JUST after a time saving method, and really don't care how accurate an arrangement is, using an arranger or BIAB will save you time.