In a word, yes. I went through the calibration procedure for three different papers, and the exposure and contrast values are stored in the instrument's memory. The usual process is to meter the negative (highlights, shadow, mid-tones), and use the time and filter indicated (or tweek it based on judgement). Make the print, let it dry, and if it looks good, switch to the other paper setting (channel) and print that paper. The instrument makes the adjustment in exposure time and filter.
The meter reading needs to be held in machine memory for a proper conversion. That is, you cannot clear the exposure/filter setting, manually re-set it later, and switch to a different paper, as it won't make the conversion -- the same time and filter settings will remain. But if the reading is cleared (like printing the next day, after turning off the meter), you just have to meter the negative again, then switch paper channels. One reading is enough, even a sloppy one, and then re-set the time and filter from last time, if written down. I usually write down all of my readings for the RC paper and on the margin of the dried RC print that I keep as a reference.
Maybe it sounds complicated, but it becomes second-nature after a day or so. It also helps to have traditional test-strip experience before using the RH AP.
The RH Analyzer Pro comes with printed data on various papers that a user can input into the instrument's memory. These could be good starting values, and could even work fine on their own. Out of the box, it comes with one set of inputs for Ilford MGIV RC with a diffusion-halogen light source. My enlarger has a condensor and frosted tungsten lamp, and my calibrated values were significantly different than the ones RH Designs provided (e.g., about a 1/2 stop off at grade 2, higher or lower at other grades, and contrast values were offset too, for Ilford MGIV RC Deluxe glossy).