Headphone Jack Question

I don't have a III yet so forgive me if this is a naive question. I currently run the modeler I use into an interface. My monitoring headphones are plugged into the interface. I can monitor input and output from all the ins and outs of the interface. With the III I was hoping to ditch the interface and just use the III's USB connection for recording (and re-amping) So if I plug my headphones into the III I won't hear any output from any input other than output 1? I must have missed something or I'm just confused about the signal flow.
 
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