Assuming that you use the power amp to power your speakers for monitoring, then that is fine. The signal will flow from
1)your guitar cab to
2)the Mic
3)into the pre's (preamp)
4)then a mixer
5)into the soundcard and be converted to an audio file (I read your last post about software vs hardware mixers).
The patch bay will come in somewhere around steps 3 to 4, to add wanted effects to tape (disk really hehe

), for monitoring purposes only (you want to hear some delay while tracking your solo but you don't want it to go to tape) or to route one signal to the other etc etc.
Cheers
Pat