meaning that "Copy as Parameter Event" ?

[pljones]

Should pasting a copied parameter set the sequence part to target that parameter's owning module?

No, it's only pasting the event. And FYI: Only tracks can be set to a target module, not individual parts. All parts on a track use the track's target module. You can set a different MIDI channel per part though, even per event, if you would want that.

Alternatively, should I be able to paste parameters from different modules into the same sequence and effectively target multiple modules from the same sequence part?

No, a track can only be set to one single target module.
Not related to this topic, but just mentioning (for others) in a broader context: If you want a track to play multiple layered modules at the same time, use a MUX to layer (and sub-mix) all these modules and connect the track to that MUX.

OK, this leads to a potentially confusing position.

I set up track 1 and target it at module X.

I open up module Y on track 2 and use "Copy as Parameter Event" and paste this into a sequence part in track 1.

Now track 1 contains a parameter event for track 2. (Or, rather, as has been found, contains an "orphan" event.)

Should it be possible to paste the parameter onto a track not targeting the module the parameter belongs to?

[AndreasD]

No offence, but you would probably not do things as you describe.
If you want to automate you would go for a new track or a new automation track or add it in the controller area of an existing sequence targeted to the relevant module/rack (and this can hold 'unlimited' different parameters from that module/rack) or you would re-use an existing track (your scenario as i see it).
As you say, it would be very confusing to have your bass volume adjustment in your drum track. You would not find this event again next week

[pljones]

No offence, but you would probably not do things as you describe.

I'm not suggesting a good way, just describing what MuLab is offering currently. I struggle to imagine why it is on offer, to be honest, as it does not seem to sit well with how automation works. I don't think it should be possible to paste a parameter event into a track not targeting that parameter's owning module (unless the target gets set, too).