Yes, this would be an excellent feature, but this suggestion is being split into several requests and we need to team up.
Editors unite!
Put these terms into the search field ("video" "track" "effect" "adjust") and upvote similar requests.
Adding color grading or an effect to a video track would be a massive improvement. Adjustment layers, nest, master clip grade etc. will not do it as smooth in a larger multi cam setup.

Adobe please make this. It will definitely help speed up some processes for us instead of having to Nest things. I've seen this been used in Software like Resolume arena where the Video Track has its own separate effects options. Nests are nice but when finishing an project, what i need to go back and make changes and I have to deal with timing and reposition things?

I agree. Adjustment layers are not the solution. They are fine for applying final effects when the offline is finished, but unwieldy when still trimming and editing durations. We especially need video track effects to improve our experience when editing split screen.

With track effects we would, in effect, be able to reassign an effect to a clip merely by moving it to a different video layer. That is a really fast way to edit this type of project. Presently we have to remove effects and copy new ones to them.

Currently I go to Avid when I am in this situation.

Adjustment Layers are fine for simple videos with a straight forward timeline. But everyone who works AV professionally knows, that Adjustment Layers and Nesting simply won't do it. If you are using e. g. a lot of jump cuts to e. g. different locations, Adjustment Layers simply aren't comfortable enough anymore.

Please, if one more person says use nest or adjustment layer i will go crazy... Vegas is better than premiere because of this reason alone..Sort it out adobe

Hi, I have the program that does not let me insert any kind of effects like transitions and effects of Video and Audio.
I hope they respond quickly.
Agustin Lahuerta
Grateful
jaialdi1944@gmail.com

You CAN do this with an adjustment layer, but that means that all layers beneath it will be affected, rather than just one.
To solve this, you can nest that one layer, and then add an adjustment layer inside of that nest.
This is not the most ideal solution, but it will work.
Keep in mind, you can also use the master clip of those cameras, to affect all the footage at once. That might be your best solution.
I can kinda see the value of this idea, but it seems like such a niche use case. Oh my goodness, is that what people think of MY ideas?

You can do this using Adjustment Layers.