You could do a Decompose, but that will make everything go offline.
Or, a little more tedious...
(With my keyboard setup) I'd hit S to go to next cut, T to mark clip, F8 to make subclip... repeat
Kenton VanNatten | Avid Editor (for hire)
"I am not obsessed... I'm detail-oriented"
"Art can't exist without Craft"
Why do you want to create subclips of your entire timeline? I only ask because there may be an easier way to achieve your purpose?
One quick way would be to consolidate (without deleting original media) with 0 frame handles - this will create new clips (rather than subclips) of your entire timeline, but audio and video would be separate.
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