Can Premiere Elements speed up export by re-using exported clips?

Let's say my source video is 4K. I made some edits and exported an 1920x1080 30-minute video. If I want to delete a 2-minute portion and shorten the video to 28 minutes, can I tell Premiere Elements to re-use the work it has already done within the original project? Or must I start a new project, use the 30-minute video as the source, and delete 2 minutes in this new project? Thanks in advance for any tips.