In Adobe® Premiere® Pro, you can use an adjustment layer to apply the same effect to multiple clips on the Timeline. Effects applied to an adjustment layer affect all layers below it in the layer stacking order.
You can use combinations of effects on a single adjustment layer. You can also use multiple adjustment layers to control more effects.
Adjustment layers in Premiere Pro behave similarly to the adjustments layers in Adobe Photoshop and Adobe After Effects.
You can add an effect to an adjustment layer, like a tint or color correction effect, and then resize it. The technique allows you to highlight an area of the screen.
Using an adjustment layer, you can apply the same blend mode and opacity adjustment to a range of clips. Do this in Premiere Pro by changing the blend mode under Opacity in the Effect Controls tab of the adjustment layer.
This technique is equivalent to duplicating a clip in a video track over an existing clip, and then changing its blend mode. See this tutorial by Chris and Trish Meyer on the ProVideo Coalition website for details.
You can add a transform effect to an adjustment layer, like scale or rotate, and then animate it over a span of clips (or still images). This technique allows you to achieve motion effects formerly done by nesting clips.