Well, of course they are. What I meant is that the main audio signal from the 4 voices is not converted to digital and then back to analog, interrupting the analog signal chain, as you wrote:

I think this is not the case.
Imo, the ADC/DAC is used to tap the individual voices just for the FX sends, and then to convert the stereo FX signal to analog so it can be mixed into the main stereo signal.

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