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Imagine you open an old project, from someone else, a tutorial, or a template with a specific purpose.

On the first track, the first plugin is called README!!!
You open it and it says:
"Thanks to the effects chain, this track receives midi on channel 1, but outputs on channel 2. This is done this way to avoid midi data backflows. If you want to change the output channel, edit the Channalice plugin."

On the second track there is another README!!!
You open it and it says:
"Thanks to the effects chain, this track receives midi on channel 3, but outputs on channel 4. In addition, the Vol fader outputs CCs 20, 21, 22 at the same time, which allows you to create groups."

Now imagine your option:
Explaining all of this in a single document making references to the track names. It would be much less readable and understandable. More things would have to be explained.
Imagine I want to change the name of a track, the whole explanation would now be useless.
To top it off, if it is a template, logically, the project information is lost.

An analogy:
What you say is like having a README text document that explains all the comments in a programming code by making references to the lines of text.
What I say is to make comments in the line of code that must be explained.

@rncbc I don't know if you will make the pseudo plugin. I have realized that its most appropriate name would be Readme or Comments. "Notes" can be confused with musical notes.