I do this a lot.
What I do is open the main project with all the original tracks. I set a marker before and after the first song. Select all tracks and use S to split at both markers. Select all and click between the markers in the time ruler and bounce to clips.. This enables you to copy short files only. Select all and Control+C.
Paste into a new project.
When it comes time for song two, I copy the song-one project and rename the files. Then, I open the project and delete all audio. I go into the project folder... audio folder and delete all files.
Lastly, repeat the steps above to copy the audio for song two. The benefit of this is that you move forward with all effects and settings you choose for song one. When I'm done I have a different folder for each song which contains the original tracks and I can delete the original project.
I think there may be a video link in my signature of me giving directions via YouTube. Back from X2 days.
https://m.youtube.com/watch?v=m1w2buVhtvk