The same as it can do with stereo files; no more, no less.
Look at it another way. You perceive a two-channel file as a single entity representing the recorded sound you are working with. I perceive a four-channel file as a single entity representing the recorded sound I am working with.
doesn’t that mean that WL would become a multitrack DAW?
By your logic, it already is, because stereo files are multichannel files with two channels. Increasing the channel limit for multichannel files from two to some higher number doesn’t require a change to the nature of the program’s facilities for operating with them from the user’s point of view - a user of two-channel (aka stereo) files should notice no material change in the program.
Paul