There's a lot of value in running through the lecture live with a new class. Different students, different needs.
If my undergrad CS Theory prof had used recorded lectures, it would've been great for 5 of us, and terrible for the other 30 or so. There were sections that they just did not get and needed repetition or clarifying examples. What's more, the students often don't know what they aren't understanding (sometimes they do, but often not). So they don't know how to ask for clarification because they don't know what needs clarification.
Waiting for test, quizzes, or homeworks is often too late. What worked out well for my classmates was the help of the professor and a couple of us who got the material faster. The three of us could observe the class and identify what material (by non-verbal reaction or by questions) needed to be delved into more. Try doing that with a set of recorded lectures.
In the end, perhaps you have a sufficiently complete set of recorded lectures that cover everything. But you still have the challenge of identifying what students need help with and helping them immediately, instead of failing a large portion of a class and hoping you do better the next time.
I mean, this is literally the waterfall vs agile debate. Classrooms are agile and responsive to student needs, recorded lectures are not.