Sure, you can do that, even if you use the Sharpmaker not as a benchstone. It is actually much easier to see how the edge contacts the abrasive.
No, the limitations of the Sharpmaker as I see them are:
1) The ceramic rods aren't cutting all that fast, compared to abrasive media of the same grit their are not overly fast, but compared to coarser grits they are outright slow (as you would expect). So this is just not the right tool to reprofile or thin out an edge. You can buy the diamond rods but another problem is, that you can not really lean into the abrasive for fast stock removal, for that you have to use the Sharpmaker as a benchstone (which is possible but any regular benchstone works better for this).
2) Limited angles available. For touching up or microbevels, I think the provided angles are sufficient and you can use Jeff's teeter-totter method as well, but again, to set a geometry, this is not the right tool.
3) The hard abrasive (ceramic) does not work well on all steels in my experience. In particular the fine, highly hardened japanese knives you can seriously damage, banging them against the Sharpmaker rods. However, I have not encountered problems with the typical pocket knife type pretty much regardless what steel. Some steels take longer than others but it works in general.
Aside from the really fragile blades, I have not encountered a knife that I couldn't sharpen with a combination of coarse (x-coarse, or xx-coarse, take your pick) DMT, Sharpmaker and strop. And even together that combination is still cheaper than a single high quality natural Arkansas or a single one of the more expensive waterstones. Yes, I think it is possible to beat the edge you get on the Sharpmaker with a combination of good stones and a lot of care....but it sure isn't easy, and usually, the better I get freehanding, the better I get on the Sharpmaker, so for me it is a constant competition trying to beat my own Sharpmaker skills. It is fun and as many, freehanding is a skill that I take pride in. But my own obsessions aside, if I am completely honest with myself, except for some "exotic" blades like japanese kitchen knives and straight razors, I really wouldn't *need* anymore than the DMT, Sharpmaker and strop (which is not coincidentally also the setup that I travel with, excluding the strop. It is very packable.)