Does Sony Vegas make a new file when stabilizing a video?

[Matt Crowley]

In Vegas 10 (presumably the same for later versions), the Stabilize function creates a subclip with the stabilization parameters/analysis. The actual stabilization is applied on-the-fly during playback, and there is no actual video file. You can see the subclip in the media pool.

I don’t know about reverse, but I guess it’s similar. Unless you explicitly render (or pre-render) the reversed/stabilized event, Vegas does not create a new media file.