To answer your question: yes. The Element only sends the processed, cabsim signal out of the headphone and XLR jacks if you're using it in a pedal chain between your instrument and amp. The 1/4" output is unaffected by the Element's tone shaping.
So...do the outputs from the Element allow you to send the XLR/Cabsim to a mixing board and the unaffected signal via 1/4" to an amp input simultaneously (essentially a THRU output)? I've never found a clear answer. The documentation on the DG website suggests that this is not possible.
I've been eager to see if it fits my needs, but it would need to have the XLR/Cabsim and THRU output functions working in concert.