Once you store your chord sequence rather than create it live and loop on the fly, yes, you’re very much into the same country as using audio backing tracks or SMF’s.
We are many years past the point where audio tracks and SMF’s were simple linear progression tools, start at the beginning, end at the end, same every time…
Nowadays audio backing is multitrack, and can use Markers to restructure on the fly, as have SMF’s for decades. I don’t know anyone in my area using multi-part chord sequencing an arranger to back their guitar playing and singing. All the guitarists are either using audio tracks or SMF’s.
I’ve always been a big fan of interactive live CS use for live arranger play, and the preset multi part CS is cool for an arranger player to allow you two handed freedom for some more complex song arrangements, but by the time you get to a guitarist, it seems like an awful lot of work to get a result far easier produced with an SMF or tracks player.
As for arranger players rather than guitarists, the difficulty in getting truly authentic signature guitar playing from an arranger makes audio tracks a far more practical way of performing guitar heavy music than tolerating weak and incorrect guitar sounds out of an arranger.
In the end, what we’re trying to do is make MUSIC, not ‘play an arranger’. Whatever gets the job done most authentically is the path to making the music the best it can be. I really could have used these multi part CS’s 30 years ago, before audio was practical and cheap. But now it’s all just a bit too late.
I can remember discussions 15 years ago when I felt I was pushing a rock up a hill trying to persuade people here that the simple live chord sequencer was a valuable arranger feature..! Only Roland bothered having one (and even they dropped the idea for 10+ years!). Now it’s ’must have’ technology and I still doubt many of us use it.
I think the CS has been superseded. Just as it hits its best incarnation. Sad… 😢
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An arranger is just a tool. What matters is what you build with it..!