ASIO4ALL is a sort of wrapper for the mme drivers if I am not mistaken. It can provide lower latency than mme by itself but I think it’s using the mme drivers to begin with so you won’t have access to both mme and ASIO4ALL at the same time for the same device.
Yes, it is a wrapper for the "less capable" audio drivers to attempt to fool the hardware into thinking you have ASIO.
I've never been able to get it to run on any of my computers. I've heard others say the same thing. Then, there are also others who swear it's the best thing since sliced bread and did wonders for their setup.
Try it. Worst case, it doesn't work. AND... if it doesn't work, remove it from the computer because it can really play havoc when you get a decent interface and load the real ASIO.