In the 2021 release of Premiere, users can now simplify sequences. This makes it easy to share with collaborators and clients.
Select a sequence and then click Sequence > Simplify Sequence, or right-click a sequence and select Simplify Sequence.
Premiere Pro makes a copy of the sequence, and in the Simplify Sequence dialog box, you can choose the elements you do not want in your sequence copy. These can be elements such as empty tracks, transitions, graphics, and more.