I've used Vegas for years (but only really occasionally).

I've always applied different effects and plug-ins to entire tracks and used tracks to achieve certain things across multiple clips.

I love that we have "Adjustment Layers" in Premiere as we do in PS... but in PS you can "clip to layer" any adjustment layers above or you can make groups (folders) that achieve similar things.

What I'm looking to do here is create some tracks that have like a PIP thumbnail track that I can just drop an image on and it will be automatically scaled to 50% and set off to the side where it should be. Any video clips would be done that way and so one. This would, of course, need to be an overlayed effect and not affect the layers below which I'm not seeing how to do that.

Does everyone understand what I'm asking? Am I missing something obvious?

Sorry, thought you were asking about Vegas. Delete posts button seems to be missing.

Yeah, in Vegas this is simple to do.

In PP it doesn't seem possible.

I'm not sure why they wouldn't have added this by now.

I think You can use nested sequence as PIP track. It looks like embedded project in Vegas Pro.