This might be an overkill, but while waiting for a "hide effects in editor" you may try this quick'n'dirty effect I wrote for you, named Switch.
It is intended as a switch to hide all previous effects in the chain, so Switch needs to be the last one. Also, it is not intensively tested, it might not work in all situations.
Switch has one parameter called "Status". The default value is 0, which means that Switch isn't hiding anything. Set this value to anything else than 0 to hide the previous effects.
Of course you should add an "Start of layout"-event with System->Layers->Enable or disable layer effect->layer x disable "Switch".
This way the settings don't affect the game when running...