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Is there really no fast and easy way to set a clip on the timeline as inactive?
There are 2 easier ways I thought of off the top of my head.
If the clip is on its own track, simply disable the video track by unchecking the box at the far left side:
If the no-longer-needed clip is on the same track as other clips and you want the rest of them to remain in the project, simply reduce the clip's opacity to 0.
For titles, you'll need to do that in the Title Designer (under Object Settings), but for regular video clips and photos, do it directly on the timeline by dragging the thin green horizontal line all the way to the bottom.