Hmm, I must say I'm a bit confused. Do you mean you want the sequence to cover 2 octaves or you want to duplicate the original sequence an octave up or down?
As to hand entering the sequence, yes it is manual as you have to select the note duration, enter rests where needed, etc. but you can use a keyboard to enter the actual note.
Like all other features, it has it's place. It is great for arpeggios or for long sequences of the same note duration. Prevents some cleanup or quantization after the fact.
As to moving the sequence up an octave you would use the piano roll view either to select and move or copy, paste and then move to duplicate it an octave.