It is a bit confusing that there are two unrelated sets if plug-in effects, both named “Master” effects. The ones in the Effects Tool panel and the ones in the Master Section. I suggest that the name is changed in the Effects Tool panel to avoid confusion.
Why not rename them Montage effects. That would, not only avoid confusion, but also be inline with the naming convention used for the other types (Clip effects affect specific Clips, Track effects affect specific Tracks and Montage effects affect specific Montages).
Then the name Master effects would be reserved for the Master Section.