Adjustment Track in VEGAS PRO 19 is a convenient feature that allows to apply effects to multiple tracks at once.

Here is a timeline edited with multiple tracks.
Apply the Adjustment Track here.

Click [Insert] -> [Adjustment Track]

An adjustment track has been created.

Track FX applied to the Adjustment Track will be applied to all tracks under the Adjustment Track at once.
We do not want to apply the effect to the text, so we will place the Adjustment Track below the Text Track.

Apply Track FX to the adjustment track.

Here, we will apply [AutoLooks] to create a color tone.
Apply the AutoLooks to all videos under the adjustment track.
We can also change the intensity with the level.

Composite modes can be combined to change the compositing method.
In this example,  [Composite Mode] > set [Overlay].
Double-click to add points and adjust them one by one

Use the track level to adjust the degree of compositing of the effect.

It can also be made a child of the adjustment track to limit its range.
Choose the track to make a child.
  [More] > [Make compositing child]. Now the range is limited to children.

We can use the adjustment track as described above.