That is absolutely how I consider it. I have the V1 (design I and II) and I have three Malekko SND/RTN modules. They are 4 HP each with a ton of control in such a small in and out package. I keep my newer Particle in one of the SND/RTN units 90% of the time. Great for processing waveforms before further routing, after VCF, before VCA or after VCA... etc.
I too have a DSM03 Feedback Module. It is a trippy thing. I only use it 8-10 times a year, but it is unique in my studio. Also can do decent drum sounds. I think I need to process drum machines through it yet... hmmm.
Listening to your latest jams now. Very nice. So fun to read about the hardware as you go along and record.
edit - also I have the Reface CS and it is a deep little instrument. It is my only poly besides an SK-1. If the sliders had a deeper throw it would be incredibly deep with so much detail. Mine rests atop a little stationery wire stand that allows a bunch of pedals under it. Love the CS Reface (my only digital synth).