What I like is it doesn't take long. If I'm transcribing something I want to learn I can record my own tracks to practice with without using the original recording. By comparing the two I can tell if it's wrong or right. If so I can then practice whatever I want. Tempos, keys, different instruments etc.
I've been doing this on Pat Metheny phrases lately. I'll pick out a segment that sounds interesting. Make a backing track with just the parts I want, getting as close as I can, then start really learning from it.
Cakewalk is wonderfully useful in so many ways!