I know this topic was posted more than a year ago but has any update happened since then to address this problem? I know there is a workaround by cutting up an adjustment layer above all your clips but its less than ideal. A global effects off switch can't be that hard can it?.
I don't think there's an easy way to do that. You would have to have all the FX communicate in a single stack, or linked together, etc. and risk slowing things down. If you find yourself always doing this, such as getting approval from clients or making edit decisions, then you might consider doing cuts only edits first, then follow up with fx as a second phase - which is old school but a best practice no less.
There's no global effects on/off switch. PrPro is not architected in a way that would make that straightforward (mainly for the reasons peferling explained). We do have master clip effects now which would help you in cases where you'll have your effects applied to all sequence instances of the same source clip (like you might do with a color or lighting effect, among others). Otherwise, you'll just have to disable each effect individually or use the adjustment layer workaround. (I would to the latter personally, since that's a big part of what they're designed for)