Yes, that is pretty much exactly how the routing operates and it is a nice way to tame the sides en-masse,
or otherwise affect any of individual bands in post production manner.
The mixing board is a stripped down version of tmaster.xrns,
there is a thread here: [Template] tmaster.xrns - Ted's Mastering Template
that details the operation.
I was trying to figure out how to isolate, in-post a particular point in the stereo field
(say left 25-45 for example) but so far, havent figured that out using the mixer.