I punch in and out after listening to what's been recorded (never knew about the pedal). If I want to do something over, or over dub, I set the punch in to the measure that I want to correct or play over, then count the measures that will be a good dropping off point, then rewind to a good restarting point before the punch in starts before I record.

It seems to me that the pedal would be at an advantage because you don't have to move an acoustic instrument from the original position to the mic. The digital punch in can have sound fluctuations if you're not good at it.