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There are two different questions:
Q1) do the data streams between a VST host and a plugin go through sound hardware?
No. Consider non-realtime rendering. More specifically, routing to a VST is not to ASIO, and the other way round. The DSP view shows you what goes through the DSP. It doesn't show what doesn't go, right? ;-)
Q2) is it possible for the host to run a VST plugin at a different rate than the project rate and resample before the host's audio engine?
Even if the spec allows this, I don't think it is used. I'm almost sure that if the VSTi plays back wav's which are at a different rate than the requested rate, it is the VSTi plugin which has to do the resampling. But then, maybe I'm wrong.
UPDATE: As for Q1, Russ answered in the meanwhile.
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