yeah it works. you might run into trouble with phase if you use certain plugs in HQ mode (i.e. EQ, saturator, etc).
also, with the all of the EQs not set as High Quality, everything is getting downsampled to 44100, but in High Quality mode you would be oversampling it. not too big of a deal, but this is the reason the phase cancellation isn't 100% perfect. regardless, way better than the other jenky methods to do this.