Afaik effect strips are currently being phased out. The transform strip has already been removed, and the general idea seems to be that once there’s a better system they should be removed altogether:
So this would replace both the effect strips and modifiers. That would remove clutter from the current system.
I think an issue with that is that the node setup is linked to a specific video clip. The same setup couldn’t be easily reused on different clips.
Moving the VSE content out of scene data structure […] is a superior solution.