I think this would be a better option than folding out from tracks. I tried Ableton intro (just to see what all the fuss was about) and I have to say, I really enjoyed editing so called automation And modulation in clips when in session view. It was really clear and simple.
Currently in cubase, the automation tracks being all folded out together is harder to manage. The solution in Ableton means you’re only looking at one automation/modulation lane at a time. Then there is a drop down list on the left of the parameters.
As it happens I haven’t spent much time in Ableton as I found my self missing Cubase to much. I know it so well but like all DAWS there are definitely areas to improve