Certainly the loop button may come in handy for different reasons. In cubase I use a combination of markers (Left/Right) and the loop button to repeat a drum section so that I can write guitar parts over the top and in some circumstances to check if seperately recorded drum parts are in sync with each other. It's possible that this control is part of a larger group of fucntionality such as punch-in/punch-out recording between markers (probably not just using the selection tool, if such features are implemented then markers will be more accurate than selection by hand especially when combined with a metronome and presumably an option to display marker position in Beats/Bar/Time/Samples etc).
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