Look, this whole 'sequencing loses the effects' stuff really doesn't apply, nowadays, because most laptops, let alone towers are easily capable of recording audio with very inexpensive interfaces. So, once you have the part edited, you commit to audio, and voilá! Your full effects (and Mastering) package for your keyboard is ready to be used on the next part.

Does it slow you down a little..? Yes. Does it make editing just a little slower (as you re-do an audio burn)? Yes. You really on THAT tight a timeline..? I didn't think so!

It's the COMBINATION of MIDI and audio recording that can make unbelievable tracks out of quite modest equipment, now. Far better than using a built-in sequencer, and having to share the effects section amongst All the parts...
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An arranger is just a tool. What matters is what you build with it..!