F5 LTM Transparent mode configuration

Yes you're right. A forwarding vs (either L2 or IP) simply takes a packet and forwards it on, as specified in the destination ip address or mac address. It simply makes the f5 act as a router. no load balancing is required.

if you need to create pools of backend servers then you're most likely to create a standard virtual server with associated pool.

Perhaps I'm not clear on what you mean by transparent mode.

Rgds

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