No. It is for MUCH more than just trying different plugins. It allows you to compare various levels of everything in your project. Even if it did just swap out the plugs in your example you have brought it down to the simplest possibility of that scenario. If you have multiple effects across multiple tracks you could easily have dozens of plugins working on a very basic project. It is not so easy to switch between them all at once.
As far as routing I think that would be a good option to have in MixRecall but maybe it IS an option. I don't own it so IDK. However you'd still have to have your busses set up before hand.
Even still instead of having the routing change a workaround would be to use sends instead of changing where things are routed. Set up two sends on a track going to two busses. Turn one send all the way down and the other how you want it, take your snaphot, then turn that send down and set yoru second send to the second buss and take another snapshot. It would have the same effect as changing the routing.