What function does the 'Lift' button serve in the Program Monitor?

The 'Lift' button in the Program Monitor is designed to remove selected clips from the sequence while maintaining the surrounding timeline's structure. This action is particularly useful for efficiently editing a sequence without leaving gaps. When you lift a clip, only the selected content is deleted, and the remaining clips in the timeline will shift to fill the space, ensuring a cohesive flow in the video project.

The other functions mentioned are not associated with the 'Lift' action. For example, adjusting color grading settings is typically done through the Color workspace or Lumetri Color panel, not with the 'Lift' button. Duplicating clips in the timeline generally requires a different command, like holding the Alt key while dragging the clip. Additionally, previewing audio tracks is managed through the audio controls in the audio workspace or timeline panel, rather than through the 'Lift' feature.