Yes, and it supports SCENES too.
Just effects. Specifically designed for 4CM with dedicated pre- and post- paths. Up to 8 simultaneous effects. Any number assignable pre/post. Any combination of series or parallel routing. Two expression pedal inputs, four relay outputs. USB for remote editing with free FX8-Edit software. Silent Switch technology from the MFC Mark III. True Bypass. Etc., etc. Don't drop it on your foot.
Not to be a buzz kill here. But I would prefer a rack mount. I don't want to run my signal (effects loop) out and back to a pedalboard and another cable for the front end dynamic effects back to the amp.
I would imagine you would plug your guitar into the unit. And if you run a wireless that lives in your rack that's another issue getting your guitar signal out to the floorboard.
Guess it would work for some. Not me.