There is. Select project, right click, Duplicate Project. A pop up window will show up. And you can "duplicate project only", "duplicate project and referenced events", or "duplicate project and used clips only".
The catch here is that if you a have linked media, I think it only moves the pointer files in the event, but not the original media. So if that's the case, go to File>Organize Event Files if you have linked media.
Also, it doesn't trim media.
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