I'd say yes. From the AR-1 manual available on Rings site:
The AR-1 can also be used to isolate small sections of track, limiting the impact of short circuits if derailments occur to just one area of your layout.
I'm guessing the AR-1 and CB-1 are essentially the same internally , possibly exactly the same with just a "switch", either physical or software, to tell it to be an AR-1 or a CB-1.
- Tim