The recording quality is identical, and depends entirely on your sound device, not Audition. Noise Reduction definitely works better in Waveform view, because that is the only view in which the Process version works, and that is by far and away the best NR (if handled correctly, but that's another matter). The principle difference between the views is that Waveform view records to a temp file initially, and Multittrack records direct to the final file. This makes no difference to the quality though.
People have suggested similar things in the past, but we've measured all of this and found no quality differences at all. I think that some people get confused when there are slight level changes, but these don't affect the quality.The only other thing that might make a quality difference would be to change the sample rate and depth between one recording and another, but that would still be down to your sound device, not Audition. Because Audition rather famously will only record directly what it's been sent - nothing more, nothing less.