How does the blue button next to Quick Controls work?

Screenshot 2022-08-01 134510

Description: I believe the blue button next to “MIDI Inserts” represents the bypass state. I think blue means it is not bypassed. Yellow means bypassed.

Question: What does the blue button next to Quick Controls mean? I assume it’s related to the bypass state since it’s a blue button like the others above it. It expands the dropdown but is it supposed to do something in addition to that? Does it work properly?