I spent a lot of time trying to live looping in Cubase. I used a midi-foot-switch to trigger the next track (loop). My curent opinion: If you want to do something simple, Cubase can be sufficient. (E.g. on YouTube you can find a girl singing and using Cubase for live lopping.) But if you want to combine midi, audio, guitar-effects, drums etc. you will experience issues. I am too afraid to waste my time trying to overcome these issues - so I gave up.