No, Video Finesse is used during the rendering of previously captured video. Hardware proc amps, whether professional units or less costly units such as the ones from Studio One or Elite Video, are popular additions to analog video editing systems, as they allow simple manipulation of an analog video signal in real time. However, they are quite limited in the functions they perform. Video Finesse is much more powerful, and less expensive, at the cost of having to capture and render the video. Analog video goes in and modified video comes out.
Knobs make it hard to ever repeat settings.
You need to keep the same setting for the entire clip you are running through it. Limited to basic pedestal, gain, phase, and chroma level adjustments. Limited measurements without a separate waveform monitor and vectorscope, although some units do have simple meters. Video Finesse Pro Stays in digital realm. Easy to apply different settings to different clips, or vary settings over time.