I'm a 4 on the floor dance music producer and I fought with this for the first 3 or 4 months that I had it.
It is pretty ridiculous, although there could be some advantages to this way (live performance etc...) though the disadvantages out weigh the advantages IMO.
You have some options, though they may not be what you hope for.
1) Create your entire track in one big sequence. Move around and looping sections while you work on them. This turns it into a standard DAW style way of working where you have 4 inserts per track so each sound can have it's own track and you don't to worry about FX changes in different sequences.
Here is a solution I came up with to help you navigate around a large sequence easier.
viewtopic.php?f=36&t=166672&p=1585060#p15850602) Route your submixes and/or individual sounds to another DAW so that you can have "bus" channels for all of your sounds. This way you can apply FX on each sound and then route them to a bus for "group FX". With this method you can also use the duplicate sequence functions.
In my opinion much of this could be solved if they were to add the ability to have Inserts on Submixes and give us 16 of them.
I think the track mixer can still be useful for performing and I don't see them completely overhauling the mixer any time soon (at least not until 2.0 if even then).
So a middle ground solution would be inserts on Submixes (and 16 submixes at least)
and inserts on return channels too while we're at it.