How to reproduce:
1. Create a new project or open an existing one
2. Add a new Scene tab (right-click on an existing Scene tab -> Add Tab -> Scene)
3. Observe the Effects toggle button located to the right of the Audio button

Expected result: The Effects toggle button is turned on
Actual result: The Effects toggle button is turned off, but all of the effects are rendered regardless

Reproducible with: 2017.4.36f1, 2018.4.15f1, 2019.2.18f1, 2019.3.0f5, 2020.1.0a19

Note: The button needs to be pressed twice (once to turn on, once to turn off) to disable the rendering of effects