Offset is SORT OF like what a VCA (or a DCA on a digital board) would be like. Sorta. That is one feature of Cakewalk that would be nice to have. The option to have VCAs along with Busses and Aux channels.
A VCA is similar to a bus, however, it physically controls the faders on the tracks mapped to it. So if a track is in the red, it can actually lower it, along with the other channels mapped to it...an advantage of that is to put drums mapped to a VCA so you can lower the overall level of each drum track with one slider before feeding it into a Limiter. (The VCA would have to then be mapped to a bus, since you can't put FX on VCAs).