Unless you add some info on computer specs, scratch disks and media locations, Premiere settings etc
it’s almost impossible for anyone to give you a remotely helpful answer.

perhaps if you remove original file from its location, open it separately and apply lumetri effect either render it or save as pr project and then in your main project replace missing clip with the color corrected one, either the render or import the project and replace.

As far as I know latest versions of PP do have a mask option for any effect. In there one can set the shape, opacity, feather etc and keyframe them. Even AE does not do this.
https://helpx.adobe.com/premiere-pro/using/masking-tracking.html