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The following works with Alpha Channels or Luma Mattes.
You can use the “green screen” or Chroma Key in the same way.

ALPHA:
You can use any alpha channel image (a Title, a Photoshop image with alpha, etc) to cut a HOLE (in it’s exact shape) and “Fill” it with other moving (or static) video… all “keyed over” another video track.

V3: Fill clip (what you want to be “inside” alpha)
– Select (highlight) THIS clip on V3, then:
Modify (menu) > Composite Mode > Travel Matte – Alpha

V2: Any “Alpha-channeled” clip (or title generator)

V1: Background clip (will be seen outside the “hole(s)”)

If you end up with the “reverse” of what you want, swap the clips on V1 and V3.
Remember to change the settings (Modify (menu) > Composite Mode > Travel Matte – Alpha) on the clip that is now on V3.

You can move/expand/reposition the V2 clip or even use it as a custom “wipe”.
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LUMA:
You can use any high-contrast image (a Title, a Photoshop image, a moving video clip, etc) to cut a HOLE (in it’s exact shape) and “Fill” it with other moving (or static) video… all “keyed over” another video track.

V3: Fill clip. What you want to be “inside” the “hole(s)”. (Where the WHITE area of the V2 clip is.)
– Select (highlight) THIS clip on V3, then:
Modify (menu) > Composite Mode > Travel Matte – Luma

V2: “Hole-cutter” clip or title
V2 can be any HIGH-CONTRAST (B&W preferred) video or CG.

V1: Background clip. Will be seen outside the “hole(s)”. (Where the BLACK area of the V2 clip is.)
V1 can be a VIDEO CLIP or a MATTE COLOR.

If you end up with the “reverse” of what you want, swap the clips on V1 and V3.
Remember to change the settings (Modify (menu) > Composite Mode > Travel Matte – Luma) on the clip that is now on V3.

You can move/expand/reposition the V2 clip or even use it as a custom “wipe”.