Wouldn't this only work for DAGs?
For example, you got a drummer that does their thing.
The bass can react to the drummer.
The guitar and vocals can react to drummer and bass.
Each one could get a finished version, but with so much delay that they can't meaningfully react to each one coming after them or being on the same level.
Each performer plays to a backing track, and their performances are synchronised by artificial delay. They don’t hear the composite performance in realtime while playing (although they can hear a delayed version, if desired).