Yes, I am referring to the Hi/Low Cut EQ block. Using the Multiband Compressor is just my workaround currently.
My use case is as follows:
I play bass in pretty low tuned modern metal band (A# and F tuning). The industry standard is to leave the low end clean and distort the mids and highs. I could do all this with a frequency split in Helix, but I find the sound of my Darkglass B7K Ultra V2 a lot better than the equivalent Obsidian block. That's why (and because I have some other pedal effects on the board) I split the signal after a compressor before the HX Stomp, and route one half through my Darkglass B7K - applying a lot of distortion and sculping my main sound. The other half goes directly and clean into the HX Stomp. Using those two signals as left and right input allows me to then split the signal in the HX Stomp via hard pan splitting to L and R. Now I am in the need to cut away the highs of the clean signal and cut away the lows of the distorted signal. For the first case, the Hi/Low Cut EQ block works great, but not for the second case, because I want/need to remove everything above max. 200 Hz.
Using the 3-band comp as a workaround, I can set the low X frequency to the desired frequency and pull the mid and high band gain all the way down. But as I said... this is not exactly the ideal solution :)
I hope my use case is clarified now :)
EDIT: Of course, I merge the two signals / paths again later, before going to the output.