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The Blade tool in Final Cut Pro is specifically designed for editing clips in the Timeline by splitting them into separate segments. When you select the Blade tool and click on a clip, it creates a cut at that point, allowing for more precise editing of video and audio content. This functionality is crucial when you want to remove sections, rearrange parts of a clip, or make adjustments without affecting the entire timeline.

Other functions mentioned, such as adjusting clip speeds, applying transitions, or adding audio effects, are accomplished through different tools and features within the software. For example, adjusting clip speeds is managed via the Retime menu, while transitions are applied through the Transition browser, and audio effects are added using the Effects browser. Therefore, the Blade tool's primary and intended usage is to provide the ability to split clips, making it an essential feature for timeline editing in Final Cut Pro.