Clip based effects

Hey hey. Just wondering if Cubase is capable of clip based effects. I’ve recently started teaching an Audio college course and we’re using Reaper. I’m blown away with the fact that you can apply effects to individual audio clips and even tweak the parameters dynamically using automation. All of this is non-destructive; no rendering necessary or no need to use track effects and then automate bypass or effect level once the clip has finished playing out.

Is this feature available in Cubase 9? That would be fantastic.