“I also think it is possible to do other editing like video fx.”
No it isn’t. From the online help menu:
The Trimmer Window allows you to select portions of a piece of media that can be placed into events on tracks.
You can also create subclips in the Trimmer window. Subclips expand on the notion of media file markers and regions: just as you might save markers or regions in a media file to indicate an area of interest, you could create a subclip to mark a portion of a media file. A subclip is available in the Project Media window and can be created as a reversed clip so you can create events that play backward on the timeline.