Well, yes each track is a modulator, or modluation source, that can modulate most of the available synth parameters. Just as an LFO can modulate things. Each sequencer track can modulate whatever parameter you choose as its destination. You can of course modulate more than just one parameter, if you assign the sequencer as a source in one of the modulation slots.
For example, if you assign a sequencer to modulate pitch of both oscillators, and set step1 to 0, step2 to 24, and step3 to reset (which makes the sequencer start over from step1 each time it reaches step3, like a loop point) then when pressing a key, for example C1, then the sequencer will play a C1 at step1, followed by a C2 (one octave up) at step2. Then it will reset and repeat those steps as long as you hold down the key, driven by the BPM tempo, in most of the sequencer modes. In this case it would act as a squarewave LFO, jumping between the two steps back and forth. But with ”Key Step” mode, the sequencer only advances a step each time you press a key, so with that mode and above example, the pitch would alternate between a C1 and a C2 each time you press C1.
You can route the sequencers to the same destinations that are available for the LFOs, so there are lots of possibilities. By setting different reset points for each sequencer, you can make polyrhythms for example.
Each sequencer step can have a value between 0-125, then there is a ”rest” step for sequencers 1 an 3, which is like a ”mute” function for steps (used to rest steps in rhythmic sequences), and then there’s ”reset”, which specifies the previous step as the last before repeating. So if I only want to use 12 steps, I set step 13 to reset.
I find it hard to explain, so just ask again if anything is unclear.