Unh uh, I just tried it and it affects both. With Axe-Edit III running, Cab-Lab 3 times out and can't connect.-For the FM3 only, it is impossible to use FM3-Edit and Cab Lab at the same time. But it works for the Axe FX III.
Both applications can run, but Cab-Lab will not connect, which is true with both devices and their editors.
-At startup, Cab Lab will need 24 seconds to scan the FM3 for current IRs. There is no way to avoid that or speed it up. This is by design. Hopefully this could also be improved in future updates.
Mine takes 27+ seconds, so you're already faster.
The speed is tied to the number of slots, the speed that the hardware can iterate over the factory, user, and scratchpad slots, and the speed and type of the USB connection. Those are fixed in the device. Fractal might be able to only scan the User slots, which, if those are the only ones we can use with Cab-Lab, would be a sensible decision.