I guess you just don't know what you're missing until you've had it (like in Sony Vegas) and now you don't. I suppose I havent missed a function like that because I always craft my effects to each shot in an edit. ( I come from a film background). But...when I do use an overall effect on the program (which is frequently as it happens). I do it in a nest. Example of that is: I edit a tvc in its own timeline. When I output to Master File (for broadcast) I nest the edit sequence into an Output Sequence where it has ID, Countdown, Timecode burn in on leader, and I apply a Gamma Correction Effect* to the nest. * Effect applied for technical reasons in the workflow via MAC FWIW: I can see why some may find an Auto applied effect may be helpful in some circumstances though.
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