Yes, there are utilities that do it, but it's nice to have the capability in your go-to video editing program. Anyone who's tried creating an animated GIF from a video in Photoshop knows it's harder than it should be, requiring creation of hundreds of still images. Pros commonly use this for things like intro and outros. This lets you group a timeline sequence for easy reuse. This tool lets you create overlay effects based on shapes, text, and selections.
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