yes, it can run both , so you can also do things like use it as a bridge between usb device->midi din.
Note: it uses the MAA specification for TRS, like Korg.
USB host is really useful, e.g. ive used the organelle to connect to an ES-8 for cv for eurorack 
yeah, I wished this too… but now its improved compatibility with wifi dongles at least makes this easier, and if you’re using wifi you tend to use the sdcard for patches, so that frees up the USB slot used for the USB drive.
no reason, that you couldn’t send the organelle display over wifi to a phone…thats kind of what i do with orac and lemur - but could be made more generic.
I’ll say though, when I use a phone as a display for the rPI, it never feels as convenient as having something on the instrument - i think ‘ideal’ is to have a limited display on the instrument, then use a phone for more ‘extended’ features