I don't think it'll work the other way around, much like the GarageBand for iOS to Logic Pro X conversion is only one way. It'd really only work in cases where you're only working with audio and not software instruments.
Wouldn't be impossible as long as the same soft synths are available on both devices, which in this case, they seem to be.
Case in point: Maschine+ and the desktop software has a similar approach where you can create songs on Maschine+ and later transfer it to the desktop application. If you just tune some things without adding soft synths/effects/VSTs not available on the standalone device, you can also transfer them back to the Maschine+ to continue edit it there.
Maschine is different because it is for all intents and purposes the same application.
This does not have the same capabilities. Live just added support for AUv3 but generally third party Audio Units are not cross compatible and Note doesn’t even support those (yet?).
It does seem like Note could serve as a framework for porting Live to iPadOS with its touch oriented interface, but I do not think you could send it back and forth between the two without issue. Ableton doesn’t even let you load files saved for beta versions into regular Live, even if you’ve done nothing to the file.
Case in point: Maschine+ and the desktop software has a similar approach where you can create songs on Maschine+ and later transfer it to the desktop application. If you just tune some things without adding soft synths/effects/VSTs not available on the standalone device, you can also transfer them back to the Maschine+ to continue edit it there.