Bitwig and ableton have this functionality. A clip is kind of like a mini sequencer.
I use subprojects extensively, but they are not quite the same. The main issue for me is that, although they can be played along with the main project, they can't be routed through their associated track in the main project, meaning changes you do inside them can sound totally different when returning to the main project and auditioning through the whole mix structure.
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