Timing Offset may look like it's only applicable to the Chase Lock setting, but it's active regardless of whether Trigger and Freewheel or Chase Lock is selected. Its original intent was to allow syncing audio to MIDI-driven
hardware synths on
playback. But since it works by shifting the M:B:T grid against the audio clock, it will alter where MIDI lands on the grid when recording to the audio metronome.
If you only ever use soft synths, it might makes sense to solve a MIDI record timing problem with this setting because soft synths are handled like audio. But if you use hardware synths, having a large positive offset to make MIDI land
later on the grid while
recording will conversely cause it to be sent
early vs. audio on
playback. The bigger the offset, the more it will work against you on playback. But, again, this will only be a problem if you use hardware synths.