As of now Macro commands(in the fx column) in phrases don’t exist. But phrases are a great way to audition a pattern before it is either triggered by zxx commands or copy-pasted into the pattern editor.
However if one’s intentions were to automate a Macro you wouldn’t know what it would sound like unless you recorded the automation in the pattern editor first. A bit counterintuitive for someone who uses the phrases as a clip bank. Which is a valid use case IMO.
I think this would have to be coupled with live recording in phrases otherwise one would have to input the macro commands in the fx column manually everytime.
If Macros were automatable from within the instrument it would eliminate the need for this brilliant hack by @slujr
I also think it makes more sense to eliminate the Instrument Macro Control device all together and have it embedded in the track mixer by default i.e Volume & Pan.