Thank you @Rhenn (especially for the coffee)!
I somehow didn’t consider the channel strip effects, likely because I never used them in the old Mackie Control setup. Seeing that you are interested, I added them as separate pages to the “Inst” encoder assignment button in v1.5.0.
To anyone who updates to Cubase 12.0.60: It broke the track name displays for previous script versions (API: mOnTitleChange and mOnColorChange broken for some bindings), so make sure to update the script to v1.5.0 which includes a fix for this.