well, I'm not exactly known to praise C7/8, but the chord track actually is a pretty cool feature, if you use it wisely.
I see it as a tool to make a quick mockup of a song structure, works great for that and trying out a few ideas is easy and painless.
In case I already have some signature licks that I want to hear verbatim instead of chord-tracked (like whiteaxxxe said), I simply put them on a separate track and tell the chord track to shut up while the grown-ups are playing.
Still, in most pop music the main body of the song
can be sketched out nicely with the chord track, and it's a huge time saver.
Later on, when the song is taking shape, nothing is stopping you from adding / having somebody add "real" parts to replace the mock ups.
Exactly like I work with programmed drums, start basic, "fill" in the details later to match the actual "keeper" guitar parts.
If keyboard players and drummers in a band rehearsal room were as easygoing and patient as that, writing songs (guitar centric in my case) with the whole band would be a lot easier ...
ymmv,
Rhino