There’s an alternative, not built-in however but works very similar to the on-off switch in After Effects: Reelsmart Motion Blur.
I have tested this plugin in Sony Vegas and it even supports GPU acceleration. It does a pretty decent job for image and text animation, though it’s mainly used for live footage. You can use it in a video track or on top of the entire project.
There are also versions for Adobe Premiere, Final Cut, Nuke and even After Effects.