Most digital audio workstations have this function to temporarily disable all effect plugins at once to reduce cpu usage while editing. This is very useful when you have already applied a lot of them and then decided to re-edit your sequence or just want a real-time playback for some time and you don't care about color corrections, noise reductions, warp stabilizers or transitions.
Then, when you finished your editing you can just push one button and all your effects are enabled again and ready for rendering or fine tuning.
Yeah, i've been using adjustment layers for that, but there are cases when you should use effects directly on clips and there are hundreds of them. So it's ultra not convenient to manually disable them and enable them again after re-editing.
1/4 quality is not good because it's almost impossible to see if the shot is in focus and the quality is horrible and 1/2 quality is sluggish anyway with some CPU intensive effects
Unfortunately this feature is not in Premiere Pro. Please make a Feature Request here:
A few of the workarounds are:
1. Use Adjustment layers
2. Use the Remove Effects option on the clips (select or lasso multiple clips)
View timeline and then go one step back in history.
3. Switch off all effects via text editor in the Premiere Pro project XML file.
Thanks! The Remove Effects method is kinda interesting. But you can't make any further corrections to your clips that way. Made a feature request