Oh yeah. It's great for that. Before I fully understood "delay" in its purest form I was manually nudging cloned clips to get Haas type delay. I didn't want to use plugs because... well they seem to do other stuff as well as the simple "move this ahead by x milliseconds".
Channel Tools... yeah just turn a dial and you're good to go. I put it on mono track clones and use it that way but I think it can be set up to do that without the need to use a separate track. Delay without all the extra guck and slapping around.
CT actually confuses the heck out of me because I still struggle with m-s, stereo, panning, etc crap but it certainly is one of the more useful dealymabobs we have. It seems to have been designed and included to overcome some of the on track limitations.
If they made it so you could insert VSTs into it and use them in parallel... that would make it knock down awesomesauce.