MasterMatch is in the chain but it is bypassed.
I have had another look at the TR5 User Manual (which has been updated since my last reply here):
Section 1.4 wrote:The Master Match is the only module which has a fixed position in the chain; that is because it’s purpose is to fine match your work with a reference tracks and finalize it, or to help you visualize possible errors in your chain or easily get inspired by really complex equalization suggestion.
The Master Match can be bypassed or removed from the audio path with the fast icon below it.
Yes, it says "fast", that should be "last" (and "it's" should be "its").
Section 3.1 wrote:T-RackS 5 Flexible Chain allows you to insert up to 16 parallel/serial processors, including the Master Match module, which is fixed at the end of the chain, and will be bypassed by default.