I just checked this on v.2021 (pc), and yes, there's a Local Color workaround that goes like this:
Take your .wav master clip and create a new sequence with it;
Add Local Color to each clip per track;
optionally, you can Re-Name the tracks;
then Lock that Sequence, drag copy to a bin where you eventually can use it as a Source;
When you edit from this .Wav-turned-into-Local-Color sequence, your clips/tracks appear on Timeline with your local colors intact. (when you edit from the masterclip, they do not)
"Timeline Local" must be enabled in your Timeline Fast Menu. Clip Color> View Setting, of course.
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