It wouldn't be the same, because there would be no need for Feedback SND or Feedback RTN—there would be no feedback loop. And there would be no short unless you put one there, because In2 and Out2 would be separate blocks.
Whaa, I'm really getting desperate; why won't you just understand what I mean?
There's no need to split up the FXL block into two when the shorting behaviour is gone, as you already said, because then one of the two conditions are gone.
You somehow assume that splitting up the FXL block will also get rid of the shorting behaviour. I'm curious, why would you think that? The shorting behaviour was obviously implemented on purpose, because when using the FXL block as a real effects loop like in real amplifiers, it's actually a desireable thing.
Look, I don't care if they split up the FXL block into two blocks or not. Actually, I'd love to see that because it improves readability of presets a lot. But the real deal is the shorting behaviour. Even if they split up the FXL block into two and the shorting behaviour is still there, the problem will still be present:
[IN] --- [stuff] ----[OUT]
-> no cable connected to IN
-> OUT routes itself back to IN
-> infinite loop
So no matter if the FXL block is split up into two or not: as long as the OUT shorts itself to the IN, theres always going to be a feedback loop, no matter if you use Feedback SND and RTN or not.