Questions about "Replace with AE Composition"

I don't have a good understanding of what happens when I replace a clip, or a Nest, in a Premiere timeline with an After Effects composition, so here goes with some questions. I have chosen to use Sharpening as an example, but my questions are directed to any effects applied to a clip or Nest in Premiere.

Ques 1 – Effects baked in?

Effects that I apply to the clip in Premiere, are they baked in when replaced by the AE composition? i.e. in AE, I will see the result of, say, sharpening that I applied in Premiere, but I won't be able to alter that sharpening in AE itself because the effect has not been imported along with the clip.

Ques 2 – or are effects ignored?

If effects are not baked in, does AE ignore any effects applied in Premiere, and just imports the bare clip?

Ques 3

After replacement by an AE Comp, is it possible to alter the effect settings that I had originally applied in Premiere? i.e. if I have applied sharpening before replacement, and then I decide to alter the amount of sharpening, is that possible?

Or has the clip really been 100% replaced  and there is no going back?

Ques 4

It seems to me, not fully understanding how replacement works, that if I want to be able to revert the replacement of clips on a Premiere timeline, or if I want to alter effect settings that I had applied in  Premiere, then I should do this:

• Arrange the clips on the timeline as required, and apply effects to individual clips (if required)
• Nest those clips, and if required, apply more effects to the Nest
• Replace with an AE composition, and apply effects as required.

Then, if I want to change any of the effect settings that were applied inside Premiere, I…

• delete the AE replacement in Premiere
• Select the Nest and alter effects applied to the Nest as a whole
• Or if I want to go further back, I open the Nest and alter effect settings for individual clips.
• Then, if I really have to go back to AE, I replace the Nest with an AE Composition.

This question comes about because in my version of Premiere, there is no Hue/Saturation effect, and I really need to use that effect to desaturate just the reds in certain clips.

Final question

is Hue/Saturation available in later versions of Premiere? Not another effect that can approximate it, but the actual effect that is available in AE and Photoshop.