Punch out still leaves gap end the end of a recording. 
What is so complicated, that this can’t be fixed for such a long time ?
I have also noticed this when using Punch in/out and I would be interested to find out why it is happening.
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Just tried it on Android and the portion recorded ended precisely at the right marker. Tried it with both audio and midi track.
Just a datapoint, 3.5.2 Android.
Something I’ve noticed with audio tracks is that immediately after recording, the audio waveform displayed is often in the “wrong” position, i.e. shifted a bit on the time line. But shortly thereafter, it suddenly is exactly where it should be and perfectly matches audio playback.
Don’t know if this oddity is related to the behavior decribed above.
Cheers,
Jon
Still not fixed in the new update for iOS. Please fix it. I thought it was shared to the team? Same problem on three different iPads and new installation.