YES! I assumed if I put the KeyStep's MIDI OUT in THRU mode, I could run Dexed, and hook up computer -> KeyStep -> Volca FM so that I could a) send patches with Dexed, and b) play notes with the KeyStep. I was playing around for a while trying to figure out what I was doing wrong until I saw this thread and learned it's a missing feature on the KeyStep.
If Arturia is watching, *PLEASE* update the KeyStep to allow this! Thanks!