Sure, maybe. You can get a bit of 3rd harmonic sounds outta this but getting that without eating up headroom, etc. is a trade off. I suppose on a low track count, sure. Most of my mixes aren't like that so this is a character option in my experience.
Subtle bumps are possible but you've really gotta be aware of what you're doing to not hash your mix. So yes, useable but watch how it effects the overall mix.
No, it doesn't sound like the hardware. It's a good effort but it comes with some baggage.