Absolutely. This allows you to make global system changes without having to worry about changing everything back or rebooting when you're through with that session. This would be the best way to choose among multiple soundcards/interfaces/monitors, etc. In Windows Help, see Hardware Profiles/Overview to get started; for once, they do a pretty good job of explaining things.

IMPORTANT: Note that (a) in order set up hardware profiles you must have administrator privileges, and (b) if you ever go online from within said profile it is essential that you have a current, effective password, virus protection and a firewall, since if you get hacked, they'll have admin privileges, too. That would be bad. You can switch off the firewall and antivirus when you're offline.

MS particularly emphasizes hardware profiles for laptops. I use mine to (among other things) work in friends' studios, running various apps that I don't usually use at home, and plugging into different interfaces. Frankly, I hadn't thought about using profiles for mobile apps, so I'm glad you brought it up.

"My primary musical instrument is the personal computer."