In multitrack: option to apply or commit cuts and save clip as new file
If I have a file that's 50 minutes long and place it in a track, then end up only using 5 minutes of it (whether cut with razor or trimming by moving the ends of the clip), I'd like to be able to tell Audition to make a new audio file that includes only the part I'm using, save it (allowing me to name it if I want), and place it in the mix instead of the long one, keeping all keyframes, effects, etc. As it is now I have to try to find that exact portion of the file in the waveform editor, save a new file, put it in multitrack and then redo any keyframes.

-
If you right-click a Multitrack clip and choose "Convert to Unique Copy" a new WAV file with only that portion will be generated inside a subfolder of your session file. If you no longer need the long original file, you can close it at that point. Any automation and effects will remain on the clip - only the underlying file will be relinked.