I do use registrations in the following manner:
1. Choose the style, tempo, etc, and SAVE AS REGISTRATION
2. Open window showing everything saved as you have setup(your choice of parameters set up in global).
3. There are 4 boxes, ABCD to insert your instruments.
4. Choose to have instruments change with the 4 variations, or, with the box off, you can simply touch one of the 4 in any order you want.

AJ could explain it much better, but, in essence, this is the way to go.

While file management is a little different than Korg, with unlimited set lists, I find that by using the assigned numbers of the registrations in a bank is very fast.