A musical instrument shop in my area has a studio in the back and has produced many demo cds for local artist using BIAB for backing tracks. I don't know if they still use it but I can't imagine why they would stop, especially if they have remained with the most current versions of BIAB. I have heard a few of them and they did a very good job of mixing. So I guess in short the answer to your questions would be yes.
As for the advice, I would say don't be afraid to try anything yourself in BIAB. You will find limitations to be sure (yours and the programs), but at the rate most studios want for an hour session you can save a bundle by DIY and really learn the program in the process. Just get very friendly with the Save button when experimenting.
Good luck.