ARC LS3 preamp in Home Theater?

I'm trying to build a dedicated audio 'chain' inside my home theater. The missing piece, is a preamp with some form of HT bypass feature.
I'm looking at various options (like the Adcom GFP-750) and came across the Audio Research LS3.
I see a front switch between 'Source' and 'Monitor'.
Could that be used as a HT bypass? Forgive my ignorance if this is a stupid question.