Yes the faderport will focus on the highlighted track. The fader will jump to match the fader position in Cubase. You can move focus either within Cubase or by channel select on the faderport.
I have a few pros and cons comments which may be useful:
Fingertip fader control, much better than mouse
Handy transport buttons, also loop, undo, select etc
Very easy and convenient to record automation data
Buttons can be re-assigned to taste
Clients like motorised fader!
After long use the fader started to stick and jump and I have replaced it - I found it quite easy to do*
Pan button is not very well matched to Cubase pan
Was some delay in mute button action in C4, but seems to be correct now with C6
Occasional problems getting record button to ‘latch’. I don’t think this is faulty switch though
*nb. I changed the fader myself out of warranty - Presonus refused to tell me the part type I required they said I must use an official service shop. Mmm!
Conclusion: Faderport IMO has a couple of oddities and limitations, but at the price I find it very convenient, it is in constant use in my set up, which in turn is in use all day every day.