I think it would be really handy to have this feature implemented:
The user mutes a number of tracks (say 13 out of 24 tracks). The he clicks on a button and all the data for the 13 muted tracks is now also cut/deleted, while the data on the non-muted tracks is still preserved.
Great idea, if you ask me. 
Yes, it could be useful, imho.
Then after you cut the muted tracks they could be unmuted automatically.
I think this has been suggested already, but soloed tracks could be included as a modifier in the advanced edit. Then you could not only cut, but also shrink/expand, transpose, swap instruments etc.
another side to this could be a ‘paste interpolate’ then we could paste on top of pattern data tooo.
This would be great! Advanced edit could really use this option!