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.