Concordia, it can only record one track at a time because the original recordings are analogue and not digital. The first time it will be real time recording ie, a 4 minute song will take 4 minutes to record. Once it's in a digital format it becomes quicker and easier to copy etc.
You'll probably find it isn't a waste - I found that digging out my loft full of vinyl and tapes to be a great experience. Not everything is on T'internet to download, like B-sides or remixes or Artists that aren't cool or fashionable.
Also some cassettes had exclusive songs on.
When it comes, set aside a sunday afternoon, with some appropriate food and drink and wallow in nostalgia!!