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The closest to MIDI Inserts are the "Note FX", but there's only a few (Arp, Chorder, FIlter etc.)
In regards to the transformer you can create macros in FSP and create buttons for them that sit above the piano roll, or main timeline. But the Cubase transformer goes much deeper and is in real-time. Macros are more similar to Cubase's Project Logical Editor (PLE).
Depends what kind of tasks you wanting to carry out really - presuming real-time manipulation of some sort?
In that case, there's a third method where you can use VST Midi plugins (Such as plugin boutiques "Scaler") that sit on one track, and their 'MIDI Out' can be routed out to other tracks 'MIDI In' projects in real-time.
This has the advantage of the generated/transformed MIDI being recorded on the target track. Basically any VST MIDI FX can be used routed in this way.