For the most part it does cover this request. But people seem to really want a native solution, that as proposed however is likely to come with the extra added step of having to arm the tracks you want to capture like in Ableton. This would mean that MIDI capture would not be functional for recording playing MIDI clips and would entirely disregard Note FX.
Given the proposed implementation, this would leave many people still needing to use MIDI Cap in conjunction with the proposed MIDI capture implementation. We’d also need: Bounce Notes
As an aside, MIDI Cap can work faster for already recorded MIDI (to bake in Note FX) if you playback at the max bpm of 666, take the recorded MIDI into the DAW, then go back to your original bpm setting