Ah, that’s very similar, just within iTunes.
You can do the exact same thing to a song in iTunes. By right-clicking and selecting “Show in Finder” it will take you to the actual Song’s file. Since iTunes does its own organizing it would take you much longer to go find it yourself, so this is a very useful feature if you’re looking for a song file.
HOWEVER, I hardly ever use it, because after I convert a file I simply drag it right out of iTunes into my project folder. That makes a copy of it in my folder. I then erase the one in iTunes (which also erases the original file from the hard drive).
I find doing it that way to be very quick as well. But if you want to use the ‘show in finder’ method, that works too!