Offline effects processing like in Cubase? No, S1 does *not* offer that.
I guess perhaps you're presenting this misinformation based on the similar, but definitely not the same, Event Effects Inserts that S1 offers. But those are still insert effects, running in realtime until explicitly rendered. Which is the same 'roundabout' path to offline effects processing that many DAWs provide, without actual providing an on-board audio editor that has offline effects processing available (e.g. make a selection of audio, choose a plugin effect to apply to that area, choose settings in plugin, apply it destructively to the audio). Cubase does that, and has for years. S1 does not. The only other DAW I can think of that does this is Logic Pro X, and that's actually a relatively recent Logic feature.