Excellent and very impressive and well worth taking notice of.
I might have missed the target of the original question. I didn't interpret that the O/P was looking for a way to bounce and mix-down multiple tracks instead of introducing more than 8 tracks. I answered on the basis is not currently possible to create more than 8 tracks in BiaB.
Other workarounds are available to record, mix-down and repeat. But in BiaB there are currently 8 only tracks.
(Incidentally, my own feeling is that more would be better)
However, credit must be given that resolving such limitations can be attained by other means. Maybe not ideal, but doable.
I think you accurately answered the OP's question. But if you think of the 8 mixer tracks as Channels, there are 8 physical Channels but each Channel can be used multiple times both by bouncing two or more Channels to an exported mono or stereo WAV file and by recording multiple instruments onto a single channel. Think of a TV channel having multiple different programs throughout a broadcast day and having commercials inserted into various places throughout the programming while also having multiple channels available on your TV set. Each Channel having it's own unique programming.
By the OP using the word create rather than add, it can't be determined from the question alone what he was asking. If he meant create to be the same as add, you are correct but using create with it's traditional meaning, using bounce techniques, you can create dozens of tracks using the 8 physical channels of the BiAB Mixer. The computer hard drive becomes BIAB Mixer Virtual Tracks.
Here is a video deconstructing "Sgt Pepper's Lonely Hearts Club Band" recorded on a four track recorder in 1967 by the Beatles. There are a lot of different instruments and vocals arranged and recorded throughout the song.
Deconstructing Sgt Pepper's Lonely Hearts Club Band