go ahead and try it.
Set your punch in/punch out points in Live, so that recording will start
at the punch in point, and it will stop recording at the punch out point.
When the punch out point is reached, Live makes it LOOK like the recording has stopped, because it stops displaying the region that it's recording.
But in actuality, the recording is continuing indefinitely, rendering a wave file
on your disk that is potentially as long as your set.
I've really never seen any other app act so arbitrarily putting audio files wherever it wants them, naming them with 6-digit numbers that can't be found when mixing, putting audio samples that belong to its own synth patches all over the user's disk!
I sit here and wonder how it could have even been released like this.