There is a polarity switch on the Pre rack in MixConsole, and, I believe, it’s also available in the Edit window from Project view.
The Surround 6.1 plugin can function as polarity-reversal tool as well.
“Phase” and “polarity” are (incorrectly) used to describe the same thing, which is polarity. In the studio, people will say, “Flip phase” when they really mean, “Flip polarity.”
Phase refers to the relationship between two signals (like, say, two mics on an acoustic guitar); while polarity is about one signal (where the soundwave/voltage is in its cycle of positive and negative energy).
Sadly, “Reverse Phase” in Cubase means “reverse polarity,” so that positives become negatives and vice versa.
Since the polarity-reverse button we’re talking about is in Cubase, it’s not “before recording” per se. It’s happening after the mic voltages get converted to digital. But if you do have it on on an input channel, the waveform will get written with polarity reversed.
When used after recording, it’s more like a plugin–it’s just non-destructively flipping polarity.