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You can do quite a lot of bussing and routing of signals.
It is different to using your DAW's channel strip, because that signal flow is serial, unless you set up busses and if you do that doesn't translate between sessions or DAW's without a lot of faff.
Studio Rack is great because you can come up with complex effects chains, save them and recall them in different songs or even different DAW's.
The added advantage is now you can host non-Waves plugins in it.
You can also now host VST3 plugins in applications that do not support VST3 but might not have an audio unit or AAX (Pro Tools) version.
A use case would be: say you have a preferred 'master bus chain' and mix in Logic but master in Pro Tools or Wavelab.
You can create an effect chain in Studio Rack that you use on Logic's master bus (Logic doesn't support VST3) can be then easily loaded in Wavelab (which doesn't support AU) or Pro Tools (which doesn't support VST3 or AU).
This interoperability between applications is *very* helpful.
Another use case would be say you had some preferred post-amp guitar effects that you use a lot that have a mixture of series and parallel effects in them. To transport this to a new session fil you would need to do all of the processing on a number of busses. In Studiorack you save it as a single preset and can easily load into new sessions.
It is a great utility plugin.
Studio: https://www.voltperoctave.com
Music: https://www.euclideancircuits.com
Me: https://www.jamesrichmond.com
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If you have active WUP then you can install twice.
Otherwise, one licence.
I agree it is stupid.
Softube have the right idea- 3 iLok authorisations.
Studio: https://www.voltperoctave.com
Music: https://www.euclideancircuits.com
Me: https://www.jamesrichmond.com