As in Cubase 8.5, having the “Adjust for Record Latency” checkbox not checked
doesn’t stop Cubase from adjusting for record latency.
To reproduce this, play back an audio track through an audio interface while recording a looped back version from the interface on another track. Do one recording with the box checked and another with it not checked. There will be no difference in the timing of the two recorded tracks with respect to their respective playback tracks - showing that the checkbox state has no effect.