Yes. But not really. Say you have 8 drum tracks. You want some reverb on them. So you send them to a bus "Drums", put a reverb you like on the bus, and set the level of the reverb. But what if you only wand a touch of reverb on the Kick, a lot on the snare, and a medium amount on the toms? With sends, you can choose how much of each track to send to the reverb. With your way, you would need multiple busses with multiple reverbs. Same if you had Rythm guitar you wanted a little delay on, and lead guitar you wanted gobs of delay. Just send less of the rhythm signal to the delay bus, and more of the lead. Technically, sure you can get the same sound doing it either way. But which is better on your system, 1 reverb that can get varying amounts from every track in your project to achieve a nice mix, or 7-10 reverbs to account for some tracks needing a lot, medium amounts, and very little.