Yes, keeping the mundus stone makes armory a one stop shop. If you’re not careful you can save over a build and mess it up. But I have a Templar with a healer build (attronach) and a dps jabby build (thief). Armory kept track of separate quick slots, skill points, champion points and equipment but had to run for the mundus.
It would be nice to be able to store the equipment in the armory though. Then I wouldn’t have to have 4 or 5 complete sets in my inventory.