Action shortcuts work while playing the timeline. But there's a few things to be aware of. For them to work well, all of the points, bones, etc. need to be keyframed in the actions, so you don't end up with odd interpolation between keyed and unkeyed bits. The actions will not show up in the workspace/timeline as you're playing the timeline and applying them with the shortcuts. They show as soon as you stop playing the timeline. I don't remember if older versions of Moho handled updating the workspace any better.
Also, the actions are applied with hold keyframes, so they act like step interpolation between each. You'll need to delete the hold keys if you want them to interpolate.
This is even better than I thought I could do with this feature. Real time is great! Thanks a lot for your help synthsin75
But there is another thing I don't understand, why my character's bones can't be moved once my references are set with the shortcut? Whereas when I use "insert the reference" to insert my action, I don't have this problem.