Yes, it actually works that way. Be sure to get your head around chain and song mode first though. There’s some useful mini-tutorial somewhere here on this board.
But basically it works like this: you add patterns to a chain, in chain mode the patterns are looped. As long as both patterns (or more if you like) have the same Kit associated you can simply and smoothly record your performance at whatever length you’d like.
Note that the current Kit automagically gets linked to the next empty pattern you select, so no additional step needed.
Also note, that it may work well for live rec mode, but in grid mode it is a bit more tricky, because you’ll always edit the pattern that’s currently in playback. So while editing it will switch to the other pattern under your fingers without notice.
So bottom line is, it’s way less comfortable than on the EMX when you need to do 8 bar patterns. The Elektrons were not designed to do this right, but to a certain point, there are workarounds like those above.
I wouldn’t do it live unless with loads of practice…