I just use a compressor plugin with a wet/dry knob

 

Damn ... wished I could show ya ; but I think your aiming at a 'VST-style'
in approach. (right ??)

If its a in 'real time multi-trk production' or final mix thing yer doing
for a band ; (I CAN , show you the usage of 'parallel compression' ,) ......

"But using hardware / outboard gear ; routed thru yer patch bays ,
too your desk ,'back to your DAW' ."

Alot of what your trying to do , (it seems to me) ; would be better to learn
'compression ducting' , thru seperate channels fed back to the recorded track.

'parallel compression' , is aimed for the most part , at the final mix down stage.

I dunno ... guess Im never much help in the ableton, or the cubase world anyway ,
so sorry 'bout dat !!

Sincerely,

0on3 / 0:1