You can create a Pip and save it to room (Pip Objects)
Add Pip to the timeline, drag the new image over to Pip and select Replace.
I do not think the most practical and not all effects can be saved.
What I use most, select a sequence of photos to apply Magic Motion to all at once.
For more groups of photos I can also use Copy Keyframe attributes, from what is already done and Paste to all the selected photos.
I also use Project that already has Magic Motiom applied to the image.
You can replace the image or use Copy / Paste Attributes, for more photos.
XEON-E5-2680 v4 / Mem. 16GB DDR4
M.2 NVME 512Gb / 2-SSD Sata3 1TB
AMD RX570 / Display Philips 272V8
Windows 11_64Pro / PD22/365