Hi Mat,
Yes, there's all KINDS of rendering going on.
The playlist function is for rendering your playlist tracks into songs for download to your computer. An export, if you will, where it doesn't save a local copy. Oh, and you can also get a songs MIDI representation.
To create (render) a track for copying or use as a backing track you go into the recorder (right menu, main screen), choose SETUP, and towards the bottom click the Save as Audio Track button. This turns the current song into a local WAV that you can use either as a backing track, or copy/paste into other applications. It will then show up in the Audio Tracks page and also on the Backing Track page (recording/setup page, tape the top Track field).
Hope that helps.
-Jerry