I originally bought this product as a way to avoid having a XLR cable hanging on my belt while playing with IEMs, never did I intend it to substitute my cables to plug my bass and pedalboard.
I'd say my assumptions were quite right: the product is very lightweight, easy to pair, the latency is negligible and the battery (so far) seems to be fine, but the signal gets a hard knee limiting effect beyond a certain threshold, a baked in noise gate prevents the signal to pass through below a certain threshold and there's a loss of information in the higher spectrum of frequencies.
I can cope knowing that's for the overall mix going to my own IEMs, but I probably wouldn't even use it for practicing with bass - touch and dynamics are compromised - nor for soundchecks in front of the PA, for similar reasons.