In the video properties, it is possible to set the Speed of a clip. It would be useful to set the “Timeline” parameter as well, and then the Speed should be adjusted to match the new duration of the selected clip.
PS: It probably doesn’t make sense to adjust the Duration parameter, in case a video is cut on the timeline and not the full video is used. Currently the Duration value can be changed, but once the field is left, the old value is restored. Probably the Duration field should be read-only, and the Timeline field editable.
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It represents the source duration, and is editable as an override for when it is thought to be incorrectly detected. Currently, it only works correctly to change the Duration when the clip is in the Source player and not the Timeline as you observed. Others have already requested that the timeline duration be editable but not with automatic speed change; that is unlikely to happen. However, there is a time remapping feature in development. Maybe that can some day be used in conjunction with edits - stretch or shrink a clip not by using additional footage but by changing speed.
Right, changing the speed while stretching or shrinking it on the timeline with a key modifier like ctrl is also a good idea, because usually this feature is needed to sync e.g. some animation to an audio clip.
It does make sense to change the duration, when one wants to change the speed of a clip but to make the clip duration to a specific value.
For example I have a clip that is 4s21f long and I want to use the whole clip but with a higher speed and exactly 2s00f duration.