Note: My experience with a T2 on pm-club (vader).

I never owned a previous Dreamlink or Formuler device so I am not sure how it worked on older devices. Currently this is my experience. Once you plug in some type of external storage, sd card, usb drive,etc... you will be able to pause/timeshift live content. No reboot needed. I tested with a old 8GB usb drive I had laying around. Although it is somewhat glitchy for me. If you pause you will continue to hear the live audio in the background, unless you quickly unpause and pause again. Once doing this the content will be paused and you will not hear the live audio. This surely can be fixed with future updates. I have seen several reports of the timeshift feature not working at all on the T2/Z7+, so I thought I would share my experience. It is working for me, with the small glitch noted above.