No it will not work the same as a Dumbleator type device (like the klein,Verberator Quinn-Q-loop, Bludotone Loop-A-Lator, Glaswerks Matchbox)

 It only lets you mix in time based effects in Parallel as apposed to the regular serial operation of the OTS's passive loop.

It doesn't contain a buffer to match impedance levels lost by using line level time based effects in a passive loop.

 You still need a Dumbleator if you're going to use the X-Blender.

 It will let you mix in effects but much the signal will be lost in the process without some kind of buffer (Dumbleator).