Yep if set to DR ON, the clocks will show your damping settings whilst you're riding and allow you to go through the Rebound and Comp settings for Rear and Reb/Comp for front if you push the 'set' button briefly i.e down. Long Press the set button down will then enable using the up and down buttons to change that particular settings and long press down again to save.
I actually use it a lot at trackdays. I analyse what the bikes doing and adjust it when I hit the straight, then analyse the next lap and adjust etc. Becomes second nature with only the briefest of looks to see which of the damping modes you are in, say Front Comp. The rest is just button pushes without looking at the clocks.