Hi
Noise reduction is available in version 7.22 in the effects filter section....

It seems to work OK I de-noised a clip exported with the Old film effect (minus shake) as a test. As mentioned it was very slow. Flicker was eliminated by adding the Auto level effect.
Here is an frame from an exported video BEFORE Noise reduction

Here is an image of a similar frame from the same video exported AFTER Noise reduction...

Slightly soft but markedly better.
Nat