I know of a band who do just this, and they play their projects with automation which changes guitar fx, and synth patches for them as it plays through - they also have accompaniment tracks that play alongside their live playing to add an extra dimension to the sound. (Although they like to keep this quiet)
They sync it up via the drummer, who controls the laptop by his side. And they all have wireless earphones that pipes the guide track through to them. (One signal shared).
There’s some advantages to be had, such as songs with complex string or brass sections which they couldn’t play before, and also if someone can’t make a gig they can enable a recording of that players parts to fill in.
The guitarist and singer are also able to do small scale pub gigs with the same setup, straight into a PA.
Sounds scary to put so much reliance on a single computer as the entire backbone of a performance… But they’ve not experienced anything drastic. I asked about latency before, and they’ve never thought about it - in fact, they say playing live is better/easier as the timing is spot on due to the guide track.
For an originals band wanting to dynamically control patches via MIDI hardware - I think that’s too high risk, overly complicated, and takes the enjoyment out of playing live (personally). Being primarily a covers band it has been very successful for them (pre covid of course).
So yes, it’s very much possible. But just because you can, doesn’t necessarily mean you should. It really changes the band dynamics and can make people feel worthless, and lose excitement for the band as a whole when it becomes an IT Session each rehearsal. Depends on why the band exists, I guess…