Create note from highlighted text

Is there a way that I am missing to create a new note that is populated with text I’ve highlighted from an old note?

In other words, what I’d like to do is:

  1. Highlight a paragraph in an existing note
  2. Right-click (or something) and select “create new note” or something like that
  3. Jump into a new note populated with the text I had highlighted
  4. As a nice-to-have, maybe automatically have a link from that old note to the new one I’ve created

Not sure if this is something that is already possible and I just can’t find it, or if there is an active feature request for this or something similar.

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This is a feature request https://forum.obsidian.md/t/extract-note-refactor/733

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Thanks!