I'm using a similar setup since years, but rather than wasting a block on FX Send, I'm simply splitting the path by dragging a parametric EQ to path B, and routing the latter to the Send jack directly. The Cab remains on path A after the path split.
That means:
global EQ affects Main out, goes to FOH
headphones still have the Cab
the Send output to the (power) amp on stage has a separate EQ block for fine tuning
Works for me with bass as well as with guitar.
Only recently, while doing multitrack recording with our bands using Logic and my multiple audio interfaces in the Aggregate Device mode, I have used a modified preset with FX Send and Return, so that I could monitor the others' instruments via my Stomp headphone output while hearing my bass with an amp/cab sim as well (the actual recording of my bass was just DI via USB, to be processed in the mix via Helix Native). It was relatively complex to set up, because of shuffling analog – and thus latency free – signal between multiple interfaces, but it worked… :)